THE ENEL AND PIRELLI ACCOUNTS RELAUNCH PIAZZA AFFARI. BANKS ON THE RISE WAITING FOR MARIO DRAGHI
While waiting for Mario Draghi, the stock markets of the Old Continent rely, like the Asian ones, on the reassurances of Janet Yellen on the continuation of the accommodative monetary policy. Hence a morning dedicated to the rise. Piazza Affari leads the race: Ftse Mib index 1,41% at 21540 thanks to the push of banks, utilities and industrial companies.
London rose by 0,5%, Paris rose by 0,58% and Frankfurt by 0,51%. Madrid by 0,78%. The bond market is always euphoric. This morning's auction of Spanish bonds went well, Madrid placed 4,55 billion bonds on various maturities: 1 billion euro bonds in 2017 at 1,039%, 2,4 billion bonds in 2020 at 1,90 1,09% and 2024 billion euro of bonds by 3,51 at 3,84%, from XNUMX% in the previous auction.
The BTP trades at a yield of 3,02% (+1 basis point). Fiat rebounds +1,87%, also thanks to the intervention of Consob, which decided on the temporary ban on short selling after yesterday's collapse of 11,7%. Finmeccanica up +4%, after yesterday's -6%.
Positive market response to Pirelli accounts +1,6%. La Bicocca closed the first quarter with a net profit up 26,1% to 90,4 million euro and confirms the objectives for the whole of 2014 announced in March. Bank of America confirmed the Underperform recommendation and the target price of 11,6 euros.
Enel +2,64% after the accounts for the first quarter with an adjusted net profit of 782 million, higher than the 750 million consensus of analysts. Ebitda was 4 billion, against the 3,87 billion forecast by the consensus. "Positive opinion, we expected a weak quarterly and a possible small decline in the consensus, which was disregarded in the light of the results", writes Equita Sim in a note which confirms the positive view on the stock and the estimates. EBITDA is better than expected also for ICBP. Enel GreenPower +2,68%.
The banks are also recovering. Sale Intesa +2,14% on the day of the meeting. “In recent days, BlackRock sent us a letter inviting us to pursue long-term goals, as we are already doing,” revealed chairman Gian Mario Gros-Pietro. The US manager is, with 5%, the second shareholder of the institution. Among the other institutes: Unicredit 2,1%, Pop.Milano +1,2%. Ubi Banca +2%.
Banca Pop.Emilia also recovered +2,8%, after the proposed capital increase: Exane raised the target price by 5% to 10,5 euro, confirming the Outperform rating. Among the insurance companies Generali +0,24%, UnipolSai +1,3% –
Telecom Italia +1,34%, reaching its highest level since October 2011 while awaiting the results of Tim Brasil which will be published during the day.
The Rcs Mediagroup meeting is underway. A reading of the shareholders' register reveals the drop in the shares held by Mediobanca, which owns 8,756% from 9,930%. Intesa fell to 5,124% from 6,54% while the Pesenti family holding fell to 3,378% from 3,824%. Neptune Investment Funds appears for the first time, owning 2,159%. Fiat's holdings are stable at 20,552%, Diego Della Valle 8,995% and Urbano Cairo, which has recently risen to 3,669%.
In the luxury sector, Yoox rebounds by 3,71% after yesterday's -6% thanks to quarterly data. In the rest of the list, Brembo +5%, Cementir +3,8% and Falck Renew +2,5% rose, after the announcement of new authorizations to build wind farms in Northern Europe.
