January was a month of earnings for Italian blue chips. Of the forty Ftse Mib stocks, only four closed the period in the red. Not only that: of the thirty-six stocks that recorded increases, most archived performances above 10%. A crackling start to 2015 therefore for the Ftse Mib, which inaugurates the year with an increase of over 7% (+7,18%) and transversal increases in the various sectors.
OIL AFFECTS ENERGY
BPM ON SHIELDS, POPULAR REFORM COMING SOON
International tensions have not been lacking in conditioning the mood of the markets. First of all, the drop in oil, which just broke through the threshold of 44 dollars a barrel (the WTI) downwards during the week, depressing energy and raw materials. While on the one hand in the medium term it is a factor that could improve people's purchasing power and reduce production costs, helping to strengthen the recovery, there are also the repercussions of an adjustment that is far from painless for the sector. In fact, the Big Oils are already starting to feel the pinch and it is not surprising that Saipem is positioned at the bottom of the monthly ranking with a drop of 8,49%, while Tenaris returned to positive territory in extremis in the last session of the month, closing with a balance of +0,99%. Eni manages to snatch a +2,28%.
Banks had a positive month. In fact, the best stock was Bpm +31,12%, which benefits from the shock given by the Renzi government with the reform of the Popolari: the Council of Ministers passed a decree that obliges the top ten cooperative banks for assets to become Spas within 18 months, abandoning therefore the characterizing element of the per capita vote, a mechanism by which one person corresponds to one vote regardless of the share of capital possessed. However, the other popular institutions of the Ftse Mib react with more contained increases, probably in direct proportion to the degree of "inefficiency" of the governance system and in view of the possible mergers that could be triggered (Bpm is the popular institution that has been most debating for some time in a control structure that has made change and dimensional growth difficult). Banco Popolare rises by 11,45%, Bper by 9,62% and Ubi Banca by 2,4%. Mediobanca (+13,98%) and Intesa Sanpaolo (+6,58%) were also in the light, while Unicredit slid down by 2,21%. On the other hand, Mps continues to fall (-15,15%).
Asset management reflects on the Stock Exchange the excellent moment that inflows have been experiencing for more than a year now: Mediolanum rises by 19,28% and Azimut by 14,76%.
EARN OVER 20% FOR BENETTON LUXURY AND GALAXY
If the month also saw a flurry of surprise moves by the world's central banks (from the Canadian to the Swiss central bank), the protagonist was once again Mario Draghi who finally launched Qe in the board meeting held on 22 January. This move has clearly given rise to decisive support for the financial markets, which has managed to neutralize fears of deflation and tensions on the Greek front. The Greek elections of 25 January brought Alexis Tsipras' Syriza party into government who, while reassuring Greece's desire not to leave the euro, confirmed a hard line in relation to the government's commitments with the Troika and with the creditors, immediately confirming also the stop to the privatization of energy and ports.
While the Greek stock market was hit by the sell-off, the other stock exchanges managed overall to stay afloat. At Piazza Affari, around twenty stocks achieved a performance of more than 10% (of which seven exceeded 20%). In addition to two financials, the purchases also involved luxury goods: Tod's is the second best stock in the basket with an increase of 26,55, followed by Ferragamo (+25,91) and a little more distant by Moncler. Finmeccanica was also in evidence (+24,93%), which launched the 2015-2018 plan. Wdf +23,09% driven by the interest of some foreign investors and, remaining in the Benetton galaxy. Atlantia stops below 20% with an increase of 17,72%.
A two-speed trend instead for the Agnelli galaxy: while FCA runs by 21,22%, CNH stops at +0,21%. Exor instead maintains its positions with a full rise of over 6,16%.
Looking at all listed stocks, the best stock is Banca dell'Etruria e Lazio with an increase of 35,65%, closely followed by Bpm. We note the performances of LaDoria. which rises by 29,72%, Baca Finnat (+27,98%) and Biesse (+29,60). At the bottom we find Eems (-26,38%).
