After over an hour and a half in the volatility auction, Saipem enters the negotiation and sells 37,5% at 19 euros, reaching the lowest levels of the last three and a half years. Also down was the parent company Eni, which lost 4,5% to 18,44 euros with over 22 million pieces traded, almost triple the daily average of the last 30 days.
Last night after the markets were closed, the company announced a dramatic downward revision of its 2012 and 2013 earnings targets. The theoretical opening price should be around 20 euros. The collapse of Saipem pushes the Milan Stock Exchange downwards, the FtseMib index has plummeted and marks a drop of 1,91% to 17551 points. The other European stock markets showed little movement: London +0,08%, Paris -0,06%, Frankfurt unchanged, Zurich -0,16%.
THEeuro it crushes the other currencies and rises to the highs of the last 14 months against the dollar (1,351) and the highs of the last 33 months against the yen (123,44). The 10-year BTP yields 4,18%, +2 basis points. Returning to Piazza Affari, the Saipem abyss risks overshadowing the very positive outcome of the BTP auction.
The Treasury has sold all 6,5 billion euro of 5- and 10-year BTPs, with rates falling to their lowest since 2010. On the 4,17-year, the average yield fell to 4,48% from 2010% at the December auction, the lowest level since October 2,94, and on the five-year it fell to 3,26 % from the previous 2010%, also in this case the lowest since XNUMX.
The request reached a total of about 8,5 billion euros. For the 1,32-year bond, the ratio between supply and demand dropped to 1,47 from 1,30 in the December auction, while it remained stable on the five-year bond with a bid-to-cover of 1,29 against the previous 250 . The spread between the BTP and the Bund rose to 4,20 basis points. The Italian 30-year yield is up to XNUMX%. Also today, Germany will put the XNUMX-year Bund on the market.
Meanwhile Fiat it rose by 0,2% pending the 2012 results which will be announced in the afternoon. “The 2012 results are in line with expectations. The team is fine." Thus to journalists the CEO Sergio Marchionne, speaking on the sidelines of the inauguration of the Grugliasco plant. “We know that the car market in Europe is in free fall – added Marchionne – and perhaps it hasn't reached rock bottom yet. 2012 was the fifth consecutive year of decline, one of the worst in the last 20. Fiat - he added - does not intend to bow to the market crisis. We do not intend to resign ourselves to losing money in Europe. We have already reduced losses in Europe in the fourth quarter of 2012”, concluded the manager.
Between the banks, Unicredit is positive +0,5% which yesterday evening announced the placement of 9,1% of the capital of the Polish subsidiary Pekao. Mediobanca +0,7%, Ubi -0,5%. Backtracking by MontePaschi which loses 1,9%. Among the insurance companies, Generali rose by 0,5%, Unipol -1,9%.
StM gains 1,1%: tonight the chipmaker will present the data for the quarter. Telecom Italia on the rise, advancing by 1,6%. Luxottica rose by 3,4% after the good results announced yesterday. Autogrill reacts to the increase in the target price arrived this morning by Citigroup, the share rises by 1%.
Among oil equiments, in contrast with Saipem, Trevi Finanziaria leaps by 5% to 4,952 euros, to levels it has not seen since last November. Drillmec, a subsidiary of the group, has signed a contract in Central America for the supply of two new oil platforms, the total value is approximately 170 million dollars.
