TREASURY RECORDS: 1-YEAR BOT AT 0,68%. WEAK THE BAGS. INTESA LEAVES FROM GENERALI
Historic record for the Treasury: 12-month Treasuries were assigned a yield of 0,68%, the lowest since the birth of the euro. The demand was excellent, with a bid to cover of 1,8 times. In Milan, the FtseMib index -0,28% is slightly down to 19055, after a start up by 0,5%.
The European Stock Exchanges are holding back the initial momentum: London -0,33%, Paris -0,32%, Frankfurt -0,25%. Madrid drops by 0,72%. The euro/dollar travels in the mid-morning just above the minimum of 1,3372, after a timid attempt to rise which brought the exchange rate up to 1,3413. Gold continues to fall: this morning it traded at 1.280 dollars/ounce (-0,2%).
Sale Unicredit +0,5%, after the quarterly results. JP Morgan raised the target price to 6,41 euro confirming the overweight opinion. Mediobanca confirmed the outperform rating and the target price of 6 euro. Nomura confirmed the "reduce" judgment and the target price of 4 euros.
Understanding -0,1%. The bank lost 1,3%. Generali -1,37% at the price of 16,60 euros per ordinary share (16,90 euros yesterday's reference price), through an accelerated bookbuilt offering. The total consideration amounted to 347,8 million euro and resulted in a positive contribution for Intesa Sanpaolo in terms of net income on a consolidated basis of approximately 63 million euro. With this operation, Intesa completed its exit from the company with a positive contribution to the consolidated net profit of around 82 million.
MontePaschi -0,5% Mediobanca + 0,3%. Banking Popular Milan +0,3% on the day of the board meeting. Citigroup lowered the target price to 0,45 euro from 0,51 euro, confirming the neutral opinion. Banca Carige it dropped 3,7% after the quarterly accounts and the maxi devaluations. Fondiaria Leaves + 0,4%.
Atlantia loses 3,6% following the placement of 11% of gemina by the Toti group. Telecom Italy -1%. Deutsche Bank confirms the target price at 0,90 euro, convinced that the sale of Tim Brasil for 9 billion euro or the merger with Telefonica could lead to the multiples of its competitors, ie towards 1,05 euro.
Telefonica requested and obtained a derogation from the Telco shareholders' agreement, to underwrite a maximum quota equal to 10,34% of the loan by converting Telecom. Telefonica holds 66% of Telco, which in transparency corresponds to 14,8% of Telecom Italia but, in terms of voting rights, controls 46,18% of the holding, which corresponds to approximately 10,4% of Telecom.
Weak Eni –0,5% e Saipem -1,4%. Eni confirmed today that gas flows from Libya to Italy, through the Greenstream pipeline, have been interrupted due to some demonstrations and that it is not clear when they will be able to resume. Libya accounts for over 10% of Eni's hydrocarbon production and the gas pipeline that from Libya reaches the Sicilian coast at Gela is one of the main transit points for gas to Italy.
Among industrial stocks Finmeccanica 0,1% salt, StM-0,1%. Fiat -0,5% will issue a bond denominated in Swiss francs as part of the Global Medium Term Notes programme. Pirelli +1%, Citigroup raised the target price to 11,6 euros from 9 euros, confirming the neutral opinion. Enel rises by 1,6% after the promotion by Morgan Stanley which raised the recommendation to "overweight" from "equal weight".
New analyst report cards also on:
Tenaris -0,8%, Macquarie lowered the target price by 7% to 16,2 euros. Neutral judgment confirmed.
Astaldi -0,5%, even if Exane raised the target price by 18% to 6,5 euros. Neutral judgment confirmed.
Piaggio +1,6%, Citigroup raised the target price to 2,3 euro from 2,2 euro. Neutral judgment confirmed.
