MPS HAS NO PRICE, TELECOM BRAKES AFTER SPRINT STARTS. MADRID BETTER THAN MILAN: BONOS RETURNS LESS THAN US BOND
Madrid continues small to new highs. Instead, the thrust of Piazza Affari is gradually fading. Reduced activity in Paris and Frankfurt for the Pentecost holiday. The lists are in any case oriented in positive territory thanks also to the boost of government bonds. The Ibex index +0,39% reaches 11.166 points on the highest since April 2010.
In Piazza Affari, the FtseMib +0,14% at 22.356 reached 22.446 points in the morning, the new record since June 2011. Paris -0,03%, Frankfurt +0,11%. The spread between Btp and Bund drops to 137 points, the ten-year yields 2,72%. Historic overtaking of the Spanish bonos: today the 10-year bond yields less than the US T bond of similar duration. It makes it cheaper to focus on the Madrid economy than on the US locomotive. Meanwhile, the euro remains stable at 1,3646 against the US currency.
On the roller coaster in Piazza Affari Telecom Italia. After a brilliant start +2,3% again above 1 euro, the stock reversed course: at 12 noon it lost 0,51% to 0,981 euro. Exane has downgraded its rating on the entire European telecommunications sector to Underweight from Neutral after recent increases. It favors the rally of the company, which suffers from a heavy debt, the drop in rates as well as the expectation of news in the shareholding structure.
Banca Monte Paschi finds it hard to mark a price on the first day of the capital increase due to the excessive distance between the purchase offers and Friday's closing price which, adjusted in light of the operation that kicks off today, is 1,54 .1,848 euros. The theoretical value fluctuates for now at 20 euros (+8,18%). The option right is also suspended but downwards (-20,7% to 20,70 euros), after a short trading period, with a minimum of 22,35 euros and a maximum of XNUMX euros.
Meanwhile, the FTSE is evaluating the possibility of reviewing the methods of managing the increase in the calculation of the FTSE Mib index of Borsa Italiana and, to this end, has launched a consultation on the market which will end no later than 15 pm: if the should the stock not trade due to excessive volatility, the value of the Ftse Mib index will use the adjusted price communicated on Friday, equal to 1,54 euro, until new contracts on the MTA are concluded.
Among the banks worth noting are Intesa +0,49% to new peaks for the period, Unicredit +0,5%, Ubi +0,1%, Banco Popolare +0,7%. In negative ground B. Pop. Emilia-Romagna –1,58%. On Saturday, the shareholders' meeting approved a capital increase of 750 million euros, which will probably be completed by July.
Outstanding among the blue chips is Fiat +1,68%. Enel rises by 0,61%. For Kepler Chevreux The new Starace CEO would be expanding the list of assets for sale: in addition to the plants in Slovakia, also other assets in Eastern Europe, including those in Russia and Romania. For the investment bank, Russian assets alone are worth 2,86 billion euros, while those in Eastern Europe, including those in Slovakia, are worth 4,7 billion euros. Eni -0,3%. Diasorin +0,35: Morgan Stanley has started hedging with an Equal Weight recommendation and a target price of 31 euros.
Italcementi falls -3,9% on the day of the start of the capital increase: the broker Bernstein is confident on the positive conclusion of the capital increase in progress. The stock recommendation is confirmed as Market Perform, the target price is updated to 7,3 euro. Cir also fell -1,2%, after the approval of the 2013 accounts closed with a loss of 270 million mainly due to the write-downs made on Sorgenia. Sorgenia closed 2013 with a net loss of 783,4 million.
Finally, a positive trend for Astaldi +0,8%. The group was awarded the concession contract for the construction and subsequent management of the new West Metropolitan Hospital of Santiago in Chile. The total investment is equal to 236 million euros, of which 151 million for construction activities.
