A 2014 two-speed for the Ftse Mib. This is the balance sheet for the main index of Piazza Affari which closes the year in substantial parity (+0,29%) after a first six months of increases. Until mid-year, the main basket of the Milan Stock Exchange was in fact well defended, reaching 22.472,12 points at the beginning of June from 18.967,71 at the end of 2013. Then came the sales: the index fell back to 19.011.96 points canceling the previous gains and closing in substantial parity (+0,29%).
But the Ftse Mib is not the Cinderella of Europe this time: Paris rose by a meager 0,9%, the Dax pushed to +3,52%, while London closed even down by 1,7%. Fears of deflation, the anemic economic situation and the ballet of statements by the ECB's anti-quantitative leasing hawks have triggered investor caution. There were also the repercussions of geopolitical crises, starting with the Ukrainian one, and the jolts associated with the rapid drop in oil prices. Conversely, overseas, the indices continued to set records supported by the expansive policy of the Fed and by the materialisation of the recovery with US GDP growing by 5% in the third quarter, beating analysts' estimates. So just a few days ago the Dow Jones reached a new historic record above 18 points.
The other indices of Piazza Affari also recorded a lackluster performance overalli: the All share loses 0,26%, the FTSE Small cap 0,26%, the FTSE Mid Cap loses 3,7% and the FTSE micro cap 3,76%. Only the Star stands out, gaining 10,26%, while Aim, the protagonist of the 2014 IPOs, falls by 10,6%.
Returning to the Ftse Mib, out of 40 blue chips, only 14 ended the year in positive territory. The best title is FCA (+61,48%), which adds up the increases of Fiat, listed until Friday 10 October, and of Fiat Chrysler Automobiles, which made its debut on Monday 13 October. Finmeccanica also shines, toasting redemption with a 40% increase in the year in which Mauro Moretti, former number one of the State Railways, took charge. The aeronautical giant has launched a profound reorganization to try to leave behind the national and intercontinental scandals, such as that of the helicopters in India, and the stale smell of a First Republic state company.
Two banks also climb onto the podium of the best: Bpm +35,71% and Intesa Sanpaolo +34,92%. In the year lived while awaiting the ECB's stress tests, the banking sector archived heterogeneous performances, dividing fairly evenly between the best and worst performers in the index, also reflecting the results of the analysis on solidity carried out by the Eurotower arrived at the end of October. Thus among the best blue chips we find Bpm, which in the ECB exam was saved by the skin of its teeth thanks to additional capital strengthening measures launched in extremis, followed by Intesa Sanpaolo, which was rewarded by one of the most solid situations internationally (12,7 billion in excess capital following the ECB review). On the contrary, Banca Monte dei Paschi di Siena fell to the bottom of the absolute ranking of 2014 performance (-56,5%) which was rejected in the stress tests (it did not pass the adverse scenario) with the request by the Eurotower to further additional capital of 2,1 billion euros.
If you leave the Ftse Mib, the other bank that was rejected by the ECB, Carige, saw its quotations become even more pulverized with a 70% drop. On the other hand, the Genoese institute, referred to by many as the little MPS, was not already sailing in good waters well before the Eurotower took the field. Among the other banks of the Ftse Mib, Mediobanca +6,36% and Ubi Banca +21,03% closed the year positively. On the other hand, Unicredit slips slightly in the red (-0,99%) while Banco Popolare -5% and Bper -13,14% suffer a more marked drop.
Positively among the blue chips there are telecommunications and utilities: Telecom Italia +22.35%, Atlantia +18,79%, Enel +16,49%, Terna +3,47%, Snam +1,51%. It is not surprising instead that the titles most related to the Petroleum finished in the red: Eni -17,24%, Tenaris -21,83%, Saipem -43,61%.
Even luxury is losing ground. With the exception of Luxottica (which despite the friction on governance conquers a + 16,92%). the fashion platoon of Piazza Affari is compacted together at the bottom of the index: Ferragamo -26,13%, Moncler -29,97%, Tod's -40,51%, Yoox -43,24%. Also on the Ftse Mib, Exor (+17%) celebrates the birth of FCA and the landing of the ingot on Wall Street.
Looking at the entire price list, the rise is surprising by Mondo TV (+247%), closely followed by Telecom Italia Media Risp (+236%) and by Aeffe (+220%). Among the best also the start-up incubator Lventure +75%. Seat Pagine Gialle sinks -98% affected by the effects of the maxi capital increase of 200 million euros, reserved for creditors who, in this way, acquired 99,75% of the shareholding and became shareholders of Seat, reducing the remaining 0,25 .60% the share of the company held by the current shareholders. Substantial drops, above 71,7%, then also concerned Aedes -XNUMX% and Kinexia.
