The fever explodes in Piazza Affari Telecom Italy (up +8,1%). Once again the wind comes from Paris. According to Bloomberg, Xavier Niel, a major shareholder of Iliad, the Internet provider and third-largest transalpine mobile operator, has purchased 6% of Telecom Italia plus another 5% in derivatives. Niel, co-owner of Le Monte (and, among other things, holder of the rights to My Way, the song by Frank Sinatra), thus joins Vivendi which controls just over 20% of the former Italian incumbent.
It is not clear whether the two Parisian groups operate in tandem or in competition, but the effect on Telecom Italia is "electric": however it goes for Telecom Italia's minority shareholders, it is good news. Not surprisingly, after a drop to -1,2%, the Milan Stock Exchange recovered its share and at the end of the morning the FtseMib index recorded a drop of 0,5%. The other European Stock Exchanges also remain negative: Paris -0,5%, Frankfurt -0,1%, Madrid -0,7%.
The Italian list is weighted by stm (-5,8%) sharply down after announcing lower-than-expected accounts. The group closed the third quarter with net revenues down 6,5% to $1,76 billion, with a gross margin up 34,8%, but announced that it expects "a drop in revenues for the fourth quarter around 6% sequentially, plus or minus 3,5 percentage points. Kepler-Cheuvreux cut the target price to 6,50 euros from 8 euros, confirming the Reduce recommendation.
It also goes down Eni -1,8%. The six-legged dog closed the third quarter with an operating cash flow of 1,71 billion euro and an adjusted operating profit, excluding Saipem, of 3,51 billion in the January-September period (-60%). The group recorded a net loss of 0,95 billion in the quarter and 0,36 billion in the nine months.
New significant drop in yields at the auction of Italian government bonds. The Tesoro it placed a total of almost 7,5 billion euro in 5 and 10 year BTPs and 7 year EU CCTs. In detail, on the longer maturity of the BTP the yield fell by 34 basis points, settling at 1,48%, below the 1,82% of the September auction but still above the historic low of 1,34. XNUMX% of last March's placement.
Over the five-year period, the yield fell by 17 points to 0,53%, a new all-time low after the 0,55% recorded in March. The banks were negative: Unicredit fell by 1,4%, Intesa -1%, MontePaschi -1,8%.
