MILAN CLOSES 2011 ABOVE 15 THOUSAND. FLY THE SPREAD TO 526. PREMAFIN RISES
The Ftse Mib closed the last session of the year up by 1,22%, above 15 thousand points (at 15.089 points), thanks in the first place to the positive day of industrial stocks. Among the stocks, Exor +2,98%, Generali +2,63% and Finmeccanica +2,07% stood out. A2A, on the other hand, is weak. Of note thesudden resurrection of the Ligresti stable, bent to the wishes of Mediobanca. Few emotions on the other price lists: Paris +0,36%, Madrid +0,22%, London +0,1%. For Wall Street, a slight decline is looming: Dow Jones -0,1%, S&P -0,04%, with the exception of the Nasdaq +0,23%.
Thanks to the thin volumes, the Btp/Bund spread worsens, shot up to 526 basis points while the yield on the Italian ten-year bond rises to 7,07 percent. Meanwhile, the euro falls below 100 against the yen: 99,25, the lowest value in the history of the single currency.
The first stock exchange in the eurozone to say goodbye to the 2011 stock market was Frankfurt: +0,85%, Dax index at 5.898 points. Since last January, the loss is equal to 14,69%, Commerzbank, outgoing shareholder from Mediobanca, conquers the black jersey: -70,73%. Things went worse in Piazza Affari, which holds the unsought-after worst stock market title of 2011 with a drop of around 25,2%. The total capitalization slipped at the end of the year to 333,3 billion euros, equal to 20,9% of the Italian GDP. The most traded security was Unicredit with a total of 132,7 billion euros for 7,3 million contracts. The pink jersey among the 5 titles (out of 40) in the main basket which close the year with profits, Lottomatica has +25,07%. The banking sector was in deep red, which suffered from the worsening of the debt crisis in the euro area and the strong pressure on Italian bonds. A blow also for Finmeccanica which in one year saw its value drop by over 66 percentage points. The black jersey, despite today's rebound, goes to Fondiaria Sai -82,5%. The only important story is linked to the Ligresti galaxy. Fly Premafin +30,63%, after a suspension due to excess rise. The subsidiary Fondiaria-Sai also did well (+5%) on press rumors according to which new investors led by the Clessidra fund could enter, with the assent of the creditor Mediobanca, the holding which owns 36% of the insurance company, through an increase of capital, in order to have the resources to subscribe to the recapitalization of FonSai up to 750 million euros. In a note, the holding said that "there are no concrete elements to inform the market of with respect to the latest communications". However, the contours of the operation remain undefined: it is probable that the capital injection would mark the end of Ligresti's control of Premafin. Furthermore, a possible cascade takeover bid on Fondiaria Sai seems to be excluded given that it would be a rescue operation. For the rest, the banks moved little: Intesa +0,15%, Unicredit +0,16%. On the other hand, the groups specialized in asset management are highlighted, such as Azimut (+1,14%) and Mediolanum (+0,60%). Also noteworthy is the rebound by De Longhi +10,43% on the eve of the split in two of the Treviso-based company. Fiat ends a bad year (-45%) with a rebound of 1,66%. Insights on the energy sector with Eni up 1,46% .
