TOKYO IN RECOVERY: THE BOJ CONFIRMS THE STIMULUS
FINECO IPO AND NEW BONDS IN THE UNICREDIT PLANS
Bull and Bear they face each other on uncertain markets and undecided on the direction to take. Geopolitical tensions (referendum in Crimea) and economic tensions (see the -18% drop in Chinese exports) advise prudence, but the price lists are not retreating from the highs reached last week.
Salt there Tokyo Stock Exchange +0,82%: the Boj has maintained stimuli (60-70 billion per month of purchases on the market) to the economy, ready to intervene with new measures if the impact of the forthcoming VAT increase will have significant effects on domestic consumption. Slight decrease for Shanghai -0,2%.
Sitting flat on US markets. On Wall Street, the Dow Jones closed down by 0,21%, the S&P 500 by 0,05% and the Nasdaq by 0,4%.
He weighed the downside Boeing -1,3%. The yellow of the missing Malaysain Airlines plane has nothing to do with it, but the discovery of micro-fractures on the wings of 42 Dreamliners 787 jets not yet delivered to customers.
Fly instead Chiquita Brands +10,7%: the group has signed a merger agreement with Fyffes, the leading distributor of bananas in Europe, an operation worth 1,07 billion dollars.
In the midst of so much uncertainty stands out the liveliness of Business Square.
La Milan Stock Exchange ended a session characterized by large and disorderly fluctuations on the upside: at the end of the day, the FtseMib index recorded a positive balance of 0,5%.
Supporting the Italian stock market was the news of stronger-than-expected growth in industrial production in Italy, an encouraging fact that helps keep investors' attention on Italy.
The main European indices contrasted, with the Cac-40 up by 0,1% and the Ibex-35 by 0,3%, while the Dax lost 0,91% and the Ftse 100 by 0,35%, following fears about the crisis in Ukraine but also due to the slowdown in Asian economies.
Note in Paris the leap of Bouygues +8,86% which has announced that it is ready, if its offer on Sfr (the second transalpine operator) is accepted, to sell the network and part of its frequencies to its rival Free.
Vodafone goes down in London -3,57%. Heavy losses also for Barclays – 2,57% and Pearson – 3,32%.
THE TREASURY EXTENDS ON BTP TO 15 AND 30 YEARS
Capital inflows continue to support i BTP. Yesterday the 3,36-year yield fell to 5% (-2005 basis points and lowest since 1,62), the Bund traded at 2% (-173 basis points). Italy-Germany spread at 3 basis points (-XNUMX basis points).
In this market context, the auction of 3 and 12-month BOTs will be held tomorrow (amount of 7 billion against 7,75 maturing).
Thursday will be the turn of medium-long term issues for an amount between 6 and 7,75 billion.
In detail: Btp 3 years (from 3 to 3,5 billion), 7-year Btp (from 1,5 to 2 billion), 15-year Btp (1-1,5 billion), 30-year Btp (0,5-0,75 billion).
UNICREDIT SUPERSTAR. A 2 BILLION "ADDITIONAL" IN SIGHT
Unicredit +2,98% took care of towing the bull. JpMorgan has raised its target price from 6,12 to 7,2 euros (with an overweight recommendation) in anticipation of the industrial plan that will be presented tomorrow and the possible listing of 25-30% of Fineco.
The bank is expected to announce plans to launch today an additional tier 1 bond denominated in dollars for an amount equivalent to 2 billion euros. It will be the first time, underlines Thonson Reuters, in which an Italian bank uses this (high-risk) tool to increase base capital. Instruments of this type generally have mechanisms for converting them into equity - or for zeroing their value - which are triggered when the regulatory capital falls below certain thresholds. In the case of Unicredit, the mechanism chosen should be that of the temporary write down: if the CET1 level falls below 5,125%, the subscribers will suffer a temporary loss. Which they could recover if the situation were to improve.
MPS, ALEOTTI SELLS. THE PURE FOUNDATION
mps +1,13%. The buyers of the shares that changed hands last week remain, for now, unknown. But the names of the sellers emerge. Between 6 and 10 March, the Mps Foundation sold a total of 185 million Mps shares, equal to a 1,59% stake and for a countervalue of over 40,5 million. Consob also announced that on 5 March Alberto Aleotti, director and member of the executive committee of the Sense institute, reduced his stake in the bank's capital to 1,034% from the previous 4% on 27 March 2012. The owner family of Menarini fell from 4 to 1,034%. The move displaces the market, which even assumed an increase in the share.
Contrasted the rest of the banking sector. Banco Popolare +2,16%, Bpm +1,29%, Mediobanca +0,31% and Bper +0,49% rose. On the latter, Kepler Cheuvreux raised the target price from 6 to 7,5 euros, keeping the hold recommendation unchanged.
Among the insurance, UnipolSai +2,92% rose sharply, while Generali rose by 0,19% and Mediolanum closed down by 0,53%.
Banca Generali -0,95% reported net income up 9% to €141,3m, with management fees up 18% to €296m. The dividend rises from 0,90 to 0,95 euro per share. In January and February, total net inflows reached 527 million.
AT THE TOP OF PIAZZA AFFARI IS A2A
The best stock in the main basket was A2A up by 3,41%. The management board will meet on March 14 to approve the 2013 financial statements. Since the announcement of preliminary 2013 data on February 19, the stock has recovered almost 20%.
Enel advances by 0,37%, on the eve of the business plan that will be presented tomorrow. Enel Green Power -0,4%.
That +0,10% closed 2013 with an EBITDA up 10% to 766 million and a net profit up 83% to 141,9 million.
The board of directors resolved to propose to the shareholders' meeting the payment of an ordinary dividend of 0,42 euro per share, of which 0,25 euro already distributed as an interim dividend in December 2013. The board approved a program bonds “up to a maximum amount of 1,5 billion.
Atlantia +2,1% has risen to the top. The stock is supported by the promotion of two major brokers, who after the release of the 2013 accounts on Friday raised their target prices.
Mediobanca raises the target price to 20 euros from 18,2 euros and confirms the positive Outperform recommendation. Bank of America confirms the Buy judgment and raises the target to 21 euros from 20 euros.
The energy markets are also in tune, with Eni up by 0,46%. Saipem +0,81%. Tenaris -0,9%.
RCS, THE MARKET LIKES THE BREAK. DOWN THE ESPRESSO
Rcs + 4,26% rebounds after the 2013 accounts: it closes with another heavy red (-218,5 million), a figure more than halved compared to the previous year (-523,5 million) and expectations for the current year are also negative even if the general trend is that of an improvement in the situation and in the accounts.
The increase can be explained by the postponement of the clash within the board of directors. The duel between the shareholder Exor and the opposition led by Diego Della Valle will take place in the shareholders' meeting, postponed from the end of April to 8 May, "in order to allow, in the light of the expansion of the free float, the broadest participation in the shareholders' meeting”, reads the company press release.
And it will be on that occasion that the positions of Fiat (20,55%) on the one hand and those of XNUMX Diego Della Valle (8,995%), of the Pandette of the Rotelli family (3,34%) and of Urbano Cairo (2,845%). With Intesa (6,5%) in a wait-and-see position and Mediobanca 9,9%) ever more distant from the events of the Italian publishing parlor.
Still in the media sector, the publishing group closed down by 1,28%. L'Espresso while Il Sole 24 Ore lost 0,71%.
TELECOM, FOSSATI RAISES THE SHOOT
Another rustic duel is looming, this time at home Telecom Italia +1,41%. The company announced yesterday that it received from the shareholder Findim Group (the holding company of Marco Fossati), a request to integrate the agenda of the Ordinary Shareholders' Meeting called for next April 8th. The topic whose inclusion has been requested is the following: "Appointment by the Shareholders' Meeting of the Chairman of the Board of Directors". The Company's Board of Directors will meet today to adopt the relevant resolutions.
MARCHIONNE: 5,7 MILLION SALARY PLUS STOCK OPTIONS
Among the industrialists, Pirelli it closed down 1,7%.
Finmeccanica -0,9% Prysmian –0,3%, Cnh Industrial -1,3%.
Fiat +0,19%, despite the -1,83% decrease in the automotive sector at the European level. after the group had come close to a 2% increase in the morning thanks to the good sales data in February from Brazil. During the month, registrations of cars and light commercial vehicles increased by 11,7% on an annual basis.
Sergio Marchionne in 2013 he received a total fixed remuneration of 2,3 million euros as Chief Executive Officer of the Fiat Group. Furthermore, Marchionne received 1,3 million euros as part of his variable compensation following the achievement of the set objectives. This was announced today by the Fiat group by depositing the report on remuneration on its website as required by law in view of the shareholders' meeting on 31 March. The total for 2013 was therefore equal to 3,6 million euros.
Again in 2013, Marchionne, in accordance with the provisions of the incentive plan approved by the Shareholders' Meeting on April 4, 2012, acquired the right to receive 2,3 million Fiat shares. To date, however, the CEO has not yet exercised the related right and has not received any action in execution of this plan. Marchionne also received further monetary compensation as executive chairman of the CNH Industrial group. In this role he received total fixed compensation in 2013 (which therefore includes the compensation received from CNH Global and Fiat industrial) of approximately 1,3 million euros, in line with 2012. The variable compensation, following the achievement of the related objectives, was approximately 0,8 million (1,6 million in 2012). The total for 2013 is therefore 2,1 million
Instead, it closed down 0,12% the title Ansaldo Sts after spending most of the day in positive territory. Last Friday the group published the 2013 accounts which recorded a slight decrease in profit. The market also remains interested in the hypothesis of a sale by the parent company Finmeccanica.
CHINA WEIGHTS ON LUXURY STOCKS
Chinese exports are down, the luxury sector is down. The worst stock on the Ftse Mib was Yoox, which lost 2,79% to 31,39 euros. The rest of the luxury sector was down: Salvatore Ferragamo lost 0,71%, Brunello Cucinelli 2,37%, Moncler 0,15% at 13,49 euros.
Safilo -4,3% after Bank of America downgrade.
TAMBURI BETS ON EATALY: 600 MILLION ASSESSMENT
“We beat French, Italian and American funds to the punch”. Talk like this Gianni Tamburi after having "recruited" another champion of Made in Italy. Tamburi Investment Partners +2,48% has in fact acquired 120% of Eataly from Eatinvest for 20 million, a company that distributes products of Italian food and wine excellence on a global level, through the vehicle Clubitaly. Tip carried out the operation through an ad hoc vehicle, Clubitaly srl, 30% owned by Tip and 70% by other investors, mainly family offices, historic shareholders of Tip. The remaining 80% of Eataly srl will instead remain in the hands of the Farinetti family. Advisors to the operation were Bnp Paribas and Unicredit.
The title achieved a rise of 1,3%. World Duty Free after the company reported its 2013 financial results and announced that the board has proposed a 5% share buyback plan. Autogrills +2,24%.
Sprint by De Longhi +3,33% after the publication of the results. Brokers like the EBITDA holding even in the current market context.
The Mittel shareholders' meeting -1,41% yesterday approved the new board of directors, born of the "irremediable rift" created among the directors last January 28, without Arnaldo Borghesi who left office with today's date, while for the choice of new to the times do not seem to be so close.
Among small-caps, it plummeted Moleskine -9% after 2013 data.
