GOLDMAN SACHS BOOST BTPs
MILAN +1,8% A2A FLIES, PIRELLI THUMP
Benedetta Goldman Sachs. The Milan Stock Exchange reverses course on the news that Goldman Sachs, of which Mario Monti served as advisor, underwrote $2,3 billion of Italian government bonds in the first quarter and increased its exposure to a number of countries of the periphery of Europe: at the end of 2011, the first financial firm of Wall Street had an insignificant position on Italy. The Ftse Mib index of Piazza Affari is up by 1,8%% to 13887 points, the decrease since the beginning of the year has narrowed to 6,4%. Paris advances by 0,4%, Frankfurt +0,7%. London +0,1%. Gallop Madrid: the Ibex index is up 3,2%, down 17,5% since the beginning of the year.
New York Wall Street it opened with mixed indexes: the Dow Jones rose by 0,3%, the Nasdaq +0,2%, the S&P down -0,6%.
Lo XNUMX-year Btp/Bund spread (-7 bps, 398) slipped again below the critical threshold of 400 basis points for a yield on the 10-year BTP of 5,52%. The Spanish one drops by 8 basis points to 442. We are still at levels of extreme tension, but the signal is in favor of easing. The euro reacts and revalues against the dollar to 1,294 against the dollar, from 1,292 at yesterday's close.
Two utilities fly to Piazza Affari, both following the presentation of above-expected figures for the quarter. Enel Green Power +9,31% and A2A +8%.
In Milan, the banks are in no particular order. Mediobanca loses 1% the day after the presentation of the quarterly data. Montepaschi recovers 3,4%. The same reaction for Popolare Milano +3% while Intesa Sanpaolo runs by 6%: yesterday Banca Imi, the group's investment bank, presented very good data. Unicredit is up 6,7%.
Mediolanum accelerates and rises by 5,6%: the asset management company announced today that it closed the first quarter with a net profit of 179 million euros, up 160% compared to the same period in 2011. Performance fees are rose to 61,7 million euros from 13,5 million euros. Azimut also rallied +7%, also in this case, the title shot up after the presentation of the quarter's data.
Among the insurance companies, Generali rises by 2,6%, while Fondiaria-Sai rises by 6,3% after the new capital increase proposal by Sator-Palladio, more convenient for minority shareholders than the Unipol plan. The subsidiary Milan goes up by 2,3%, Unipol goes up by 1,3%.
Strong decline of Pirelli -9% after the more conservative review of the 2012 targets.
Telecom Italia slowed down after a very strong start and marks a rise of 0,4%. Yesterday the board of directors approved the accounts for the first quarter (in line with analysts' expectations) and the start of the procedure for the sale of the media assets of the subsidiary Telecom Italia Media, up 13%.
After the quarterly accounts announced yesterday, Enel Green Power rises by 7,6%. Is in the , which will release the data today, rose by 7,6%.
Eni 0,3% salt, Saipem of 0,3%, Tenaris 0,7%.
A2A flies up by 8,8% reaching 0,489 euro. The multi-utility of Brescia and Milan closed the first quarter of 2012 with a net profit of 76 million, down on the 85 million reached in the same period of 2011, but well above the consensus of analysts.
Geox falls 14% after the company announced very disappointing results. Tod's, down 3,3% after the quarter. Ferragamo rises by 2,3%.
