STOCK EXCHANGE AT THE TOP, BTP 2 RATES AT HISTORIC LOWS. OVATION IN PIAZZA AFFARI FOR THE NAPOLITANO BIS
Italy great protagonist in the day. Both in terms of the debt market and the Stock Exchanges. The Milan Stock Exchange has been on a sharp rise since the morning: FtseMib index, +1,66%, closes at 16021, to which must be added the effect of the coupon detachment of some securities (equal to 0,26% of the Ftse / Mib) . In the final session, the gain, already above two percentage points, was held back by the macros arriving from the USA.
Even so, Milan remains the star among the European stock exchanges, as Paris falls by 0,04%. London -0,14%, while Frankfurt, after five downward sessions, rises by 0,21%. On Wall Street, the Dow Jones index fell by 0,43%, S&P 500 -0,17%, Nasdaq +0,09%. The latest data on the US real estate market weighs heavily: in March, sales of existing homes fell by 0,6% on the previous month, against expectations of +0,4%.
But it was above all the bond market that celebrated the reconfirmation of Giorgio Napolitano and the very welcome hypothesis of a "government by the president", a scenario very welcome to investors. To foreign ones in particular. The 2-year Btp/Bund Spread drops by 8 bp to 121, for a yield of the 2-year Btp at 1,23: it is the new historic low.
The 10-year Btp/Bund Spread drops by 13 basis points to 287, the lowest since February 20, but due to the simultaneous strength of the German bund, the yield on the 10-year Btp falls to 4,09%, the lowest since November 2010. An important point of reference is the spread of 350 basis points at the end of March. The 12-month Bot yields 0,828%, one step away from the absolute minimum.
Gallop banks and insurance companies. Unicredit + 4,2%Understanding + 1.78% Mediobanca + 1,96%. Where's Banca marks an increase of 4,41% the day after the meeting that elected the new chairman of the Supervisory Board. The other Populars also rise: Banco Popolare + 4,46% Banca Popolare di Milano +3,25% and Banca Popolare dell'Emilia Romagna +2.06%. It's an exception Mount Paschi -0,2%.
On the rise Generali +5,15% after promotion to "overweight" from "equal weight" by Barclays. Fondiaria earn 1,11%. Unipol +3%. Strong upside also for Mediolanum +4,04%. All industrial stocks up. Fiat + 1,72% Finmeccanica + 1,47% StM+ 1,17%.
Eni rises by 0,46% while Enel earns 2,7%. He runs A2A + 4,87%. Snam +1,06% is the highest in the last 12 months. Atlantia + 2,28%. Telecom Italy, already adjusted for the detachment of the dividend, rises by 1,67%. The press reports the first indications of the consensus of analysts on the first quarter results which will be approved on May 8th. Mediaset salt by 5.07%.
sapphire loses 0,5% after Mediobanca decided to cut the rating to "neutral" from "outperform". The target price is set at 10,9 euros. Luxottica earns 0,63%. In the luxury segment cucinelli salt by 2%, Tod’s by 0,57% and Ferragamo 0,23%.
RCS Media Group loses 3%, according to rumors the new shares of the capital increase should be issued with a very strong discount compared to current prices. Director Andrea C. Bonomi presented his resignation from the board of directors of RCS Mediagroup. The reason is to avoid a position of conflict of interest with respect to the bank's positions vis-à-vis the publishing group.
Parmalat's board of directors resolved to withdraw the draft financial statements at December 31, 2012 after the sentence of the Court of Rome which declared that 'Roma Capitale (formerly the Municipality of Rome) is the current and sole owner of 75% of the share capital share capital of Centrale del Latte di Roma' and condemned Parmalat 'to the immediate return of the shares in question'. The book value of the equity investment for the purposes of the statutory financial statements as at 31 December 2012 is 95,1 million euros.
