Pending the vote of the Athens Parliament on the austerity package, the stock exchanges exorcised the effects of Black Friday with a session that was finally positive on both sides of the Atlantic.
In the afternoon, the Milan Stock Exchange accelerated its pace (FTSE/ìMib index at 19291 with an increase of 0,71%) on a par with the other lists of the Old Continent. The positive intonation was favored by the tonic start of the Wall Street indices, all on the rise after three consecutive sessions of decline. Right now the Dow Jones index is up 0,55%, the S&P500 up 0,52% and the Nasdaq up 0,65%. Meanwhile, WTI oil trades at 90,5 dollars a barrel (-0,6%) while the future on crude oil has slipped to its lowest since February.
What is the cause of such optimism? Part of the explanation, both for Europe and for America, lies in the judgment on the decisions taken yesterday by the regulators of the credit sector regarding the capital ratios of the Sifi, ie the "too big to fail" banks. The regulators, according to the opinions reported by Bloomberg, have not trodden their hand: the rules, in fact, are less restrictive than the more severe hypotheses circulated in recent months. The confirmation lies in the good rises of US system banks, starting from Jpm Morgan up to Bank of America, up to 2,5 percent.
CONTINUED RAIN OF SALES ON FONSAI (-9,22%)
Even in Milan, Black Friday is now just a bad memory. With the exception of the securities that have the most demanding capital increases in progress: Banca MPS, traded during the day with a reduction of between 3 and 4 percent (-3,75%), and Fonsai. The company of the Ligresti group, in particular, leaves 9,22% on the ground at 2,11 euros, approximately compared to the closing on Friday evening, set at 2,322 euros based on the new number that takes into account the detachment of rights. Furthermore, from reading the prospectus it emerges that among the commitments undertaken by Fondiaria Sai in relation to the subordinated loans disbursed by Mediobanca there is also that of maintaining control over Milano Assicurazioni. Otherwise, the repayment option would be triggered on 200 million euro of approximately 1 billion euro of subordinated loans granted by Mediobanca to Fondiaria Sai
The rest of the financial list, a rare circumstance these days, closed in positive territory. Ubi also passed the test (+0,79%) despite the fact that only 92,3% of the capital increase was subscribed, a circumstance that will require the intervention of the consortium headed by Mediobanca: the stock closed at 3,81 euro , a hair above the price of the securities under subscription with the increase delivered during the day. Positive closure, after a day in flux, also for Unicredit (+1,37%). The stock exchange issue that keeps the spotlights on the bank in Piazza Cordusio is whether or not it will have to make a capital increase to comply with the parameters of Basel 3. Last week, the CEO of Unicredit, Federico Ghizzoni said that the bank it should be placed in the lower part of the ranking of systemic banks. The starting point of Generali (+1,47% at 13,84 euros) is significant.
Robust rebound from Friday's lows also for Intesa (+1,29%) and Mediobanca (+1%). In anticipation of the meeting of 22 July, in which some amendments to the statute will be examined, the rumors about the renewal of the pact are rekindled: it appears increasingly probable that some foreign shareholders will leave the syndicate pact (Santander, Sal Oppenheim) which could lead therefore to a reduction of the syndicated share of Mediobanca (today at 44,3%), an option appreciated by the management. In the meantime, the preliminary balance will be examined on Friday: the consensus on profit is around 520/534 million.
There are many ideas for a positive session. Piaggio rose by 3,9% to 3,01 euros, the highest since November 2007. The stock of the Vespa and three-wheeled commercial vehicle company closed on Friday with a sharp rise after chairman Roberto Colaninno announced his intention to build a factory in Indonesia: the plant should be operational within two years.
Bank of America Merrill Lynch hedging should be behind today's rally with buy and target judgment
Poltrona Frau rises by 5,1% to 1,243 euros. The stock of the leading luxury furnishing company benefits from the news that Luca di Montezemolo, a member of the board of directors, personally purchased 115 shares last week with an investment of 136 euros.
The Montezemolo family owns the Charme fund which controls 52% of Poltrona Frau.
ALSO RUNS AT AIM "MADE IN ITALY" (+5,77%)
THE FIRST SPAC LISTED ON THE PIAZZA AFFARI
Positive debut in Piazza Affari for Made in Italy, which today, the first day of listing on the Aim market, rises by 5% to 9,77 euros. Made in Italy 1 is the first SPAC (Special Purpose Acquisition Company) incorporated under Italian law, promoted by Matteo Carlotti, Luca Giacometti and Simone Strocchi. The placement, managed by Centrobanca and Intermonte, raised 50 million euros from Italian and foreign professional investors which will be used, as required by the characteristics of the SPACs, for an acquisition/integration with a target company to be pursued by 30 June 2013.
Spacs, born and developed in the United States and then spread throughout Europe, are in fact corporate vehicles containing only cash (so-called blank check companies), purposely set up with the aim of finding, through the placement of their own shares, the resources necessary to acquire , in a time horizon of approximately 18/24 months, an operating company (so-called target), with which to give rise to an aggregation (so-called business combination) through, for example, a merger operation.
100% of the resources raised by Made in Italy thanks to the sale of ordinary shares will be deposited in a restricted current account in the name of Made in Italy 1 pending the deal.
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