A split September for the Blue Chips of Milan. On the Ftse Mib, 18 stocks closed the month with a positive result while 21 closed the period at a loss. Eni remains in the balance, which in the month's financial statements does not budge from parity. The main list recorded a rise of 2,16%, mainly influenced by the banking sector. The Ftse Mib is better than the other indices: the All-share closes at +1,47%, the Ftse Italia Mid cap at -3,76%, the Ftse Small cap -2,18% and the Star at -0,73, XNUMX%.
Several fronts have conditioned moods upon returning from the summer period. The geopolitical tensions on the rise, both in Eastern Europe with the Ukraine crisis and the sanctions on Russia and in the Middle East with the advance of Isis, passing through the Scottish referendum and ending these days with the protests in Hong Kong. Then there are the macroeconomic data which in Europe have indicated a slowdown in inflation and a difficult recovery in growth. Last but not least, appointments with central banks continued to dominate the markets. In the US, Fed Chair Janet Yellen is continuing to reduce bond purchases (tapering) but has reassured that rates will remain low for a considerable period of time after the end of the tapering.
However, the rate hike could turn out to be faster than expected if the economic situation were to support this scenario. In the Old Continent, in order to avoid the European economic crisis and fight low inflation, in September the president of the ECB Mario Draghi cut the cost of money to the new historic low of 0,05% and announced a series of new measures including a plan to purchase Abs. While the first tranche of Ltrto disappointed expectations, the ECB then said it was "unanimous" in launching further unconventional measures if necessary". The currency market was also the protagonist, with the dollar continuously strengthening against the euro, which reached its lowest level since 2012 with the greenback below 1,26.
In this scenario, the banks dominated the increases: Ubi Banca even achieved a leap of over 11%, Unicredit +6,01%, Intesa Sanpaolo +5,72%, Bpm +5,42%. Positive, albeit at a distance, mediobanca which rises by 1,78%. However, Banco Popolare -1,93% and Bper -2,61% are in red. Strong sales continue on Mps which loses 8,24%, the worst stock on the Ftse Mib.
Among the major increases there are also Tenaris (+8,47%), driven by the benefits expected from the sharp increase in prices after the approval of anti-dumping duties in the United States and the energy reform in Mexico and Argentina, and Finmeccanica +7,88%, awaiting a positive conclusion of the dossier on the sale of AnsaldoBreda and Ansaldo Sts. Among the stories that have also Telecom Italy, first with the Telefonica-Gvt-Vivendi dossier, then with the sudden wave of speculation generated by the rumors arriving from the US on the interest of Sol Trujillo, ex CEO of Telstra and the French Orange. Truijllo is allegedly seeking funding to launch a 7,5 billion euro offer for 40% of the Italian group. The project has not yet been submitted to the examination of the Italian group.
Suffering luxury: alone Luxottica manages to record a gain (+1,59%), on the contrary Ferragamo loses 1,36%, Moncler 5,3%, Tod's 6,93% and Yoox 8,06%, which are positioned in bottom of the Ftse Mib, better only than Mps. In addition to these three stocks, at the bottom of the main Milan basket we also find Buzzi Unicem (-6,79%), Saipem (-6,54%), Unipolsai (-5,78%), Pirelli (-5,6%) .
