Even Milan, in the wake of Wall Street and Japan, is advancing with the wind in its sails. The Ftse Mib index rose by 2% at mid-day, well above 18 points, ahead of the other European stock exchanges: Paris +1,6%, Frankfurt +1,4%, Madrid +1,9%.
Slightly below parity London, held back by the recovery of the pound to 1,314 against the dollar (+1,2%). Already tomorrow Theresa May could become the new prime minister of Great Britain. David Cameron is expected to leave 10 Downing Street in the next few hours.
The Treasury placed this morning 6,5 billion euro of 12-month BOTs with a yield of -0,176%, down by 5 basis points compared to the auction of 10 June. The market response was very good, with a bid to cover at 1,55 compared to the previous 1,442.
The yield of XNUMX-year bund German is -0,12%, away from the historic lows located around -0,20%.
In the foreground it continues to be there the banking issue, awaiting the agreement with the EU Commission, which is "in the pipeline", according to Prime Minister Matteo Renzi.
In the meantime, Piazza Affari is thinking about giving the charge Unicredit (+9%). The Bank sold last night, through a flash placement, 10% of the capital of the subsidiary FinecoBank (-2%), or 60,7 million shares.
The final unit price for the 60,7 million shares was equal to 5,40 euro for a collection of 328 million euro. The sale of 10% of the institute led by Alessandro Foti improves Common Equity Tier 8 by 1 basis points, around 10,5% at the end of March.
Kepler analysts today confirmed the bank's buy rating and the target price of 3,5 euros. The operation is judged unexpected but decidedly positive, a sign of the management style of its managing director, Jeanne Pierre Mustier. Hammer Partners promoted the Bank's change of strategy by raising the rating on the stock to Buy from Sell. Target price reduced to 3,70 euros from 3,80 euros.
Equita, on the contrary, while confirming the hold rating and the target price of 4,1 euros, claims not to share "the deal from a strategic point of view given that it does not resolve the issue of the capital deficit" of at least 5 billion euros according to the experts, “reducing the presence in a high-growth business”.
In recovery Mount Paschi (+1,7%), after starting the session under braking. In great dust Where's Banca (+ 6%) and Banco Popolare (+ 4,3%). Intesa Sanpaolo +5%: this morning Hammer Partners promoted the judgment from Sell to Buy, raising the target price to 2,30 euros from 2,0 euros.
In the rest of the list, a brilliant recovery of Fiat Chrysler (+4,3%) and of Leonardo Finmeccanica (+2,7%: the managing director Mauro Moretti affirmed that the commercial agreement with the Russian Sukhoi remains in force). Saipem + 2% stm + 2,2%.
Bene Mediaset (+1,9%): this morning Ubs lowered its target to 4,35 euros from 4,85 euros, however confirming the Buy recommendation. Even better Telecom Italy (+ 3,2%).
In luxury it brakes Luxottica (-0,2%) after the cut of JP Morgan. Tod’s (+0,8%) recovers the initial loss. This morning Ubs reiterated the Sell judgment, target down 25% to 43 euros from 57 euros.
Pause for Rcs Media Group: -0,1% after yesterday's +15%. On Friday evening, the two subjects who presented an offer relaunched. Imh offers one euro per share in cash. Cairo Communication is offering 0,18 of its shares for one Rcs, plus a cash adjustment of 0,25 euros (equivalent to 1,038 euros).
The other media titles continue to rise: Banzai +7% (yesterday +3%), L'Espresso +0,8% (yesterday +9%).
