Piazza Affari puts aside the anxiety about the early vote and recovers the ground with respect to the other European markets, which are in turn positive despite the American denunciation of theIran nuclear deal. Milan is gaining momentum thus exceeding the 24 mark (index around 24.300) with a leap of 0,90%. The other markets were also positive, thanks to the propellant of energy stocks. Frankfurt gains 0,2%, Paris almost flat. Madrid +0,2%. The data on industrial production was better than expected, +5,1% year on year in March.
The fever on government bonds also subsides on a day marked by strong paper supply. The Btp/Bund spread drops by 5 basis points to 125 from 130 basis points at the opening, on yesterday's level, with the yield of the ten-year BTP at 1,84%. The ride of the dollar continues, reaching new highs for the year, euro-dollar cross 1,185. Among the dominant notes of the day, the energy trend stands out.
At 12 noon, the oil and gas sector reports an increase of +2%: Trump's decision, throwing uncertainty on the future supply of crude oil, sent prices soaring to their highest levels in three and a half years at around 77 dollars (+2,9 %). In Milan Eni gains 2,5%: JP Morgan has raised the target price. Tenaris +1,7%, Fly Saipem +4%. The rise in oil prices instead penalizes the tourism sector and in particular the airlines, pushed downwards also by the not very encouraging results of the big names in the sector Tui -1,1%. Siemens rose 4,2% after having revised its guidance upwards despite its exposure to Iran.
The decline in the spread is reflected in the improvement in the banking sector. The banks are recovering, thanks to the reduction in country risk signaled by the contraction of the spread. Sector index +1,3%. In rallies Bper Banking +6% after the accounts for the quarter closed with a strong increase in revenues, +31% year on year to 657 million euros. Interest margin +7% compared to the first quarter, at 293 million. The cost of risk is much lower than expected, at 22 basis points. Fully loaded Common Equity Tier 1, equal to 11,7%. The bank believes it will be able to get rid of 6,4 billion euros of non-performing loans over the next three years.
The other banks are doing well too. Understanding +0,9%. This morning Credit Suisse strengthened its Outperform rating, bringing the target price to 3,70 euros from 3,60 euros. DZ Bank was more cautious, leaving the Hold judgment, targeting 3,40 euros from 3,30 euros. Unicredit + 1,8%. Ubi Banking + 2,5%.
Recommended Leonard which jumps by 3,9%. The group yesterday announced the results, which brokers believe are broadly in line with expectations. However, analysts point out that the stock trades at a significant discount (“unjustified” for Mediobanca Securities). salt Prysmian +0,5%. The Antitrust has approved the merger with General Cable.
Tim it lost 0,8% despite the very strong results of Brazil and after the Italian government sanctioned the group for 74 million, much less than expected, for the golden power. Weak utilities. Goes down Italgas -2%: Société Générale cuts the rating. Snam Rete Gas -0,5%, communicated figures in line with expectations, confirmed the objectives for the year.
In the rest of the list:
- It shines with over +5% and intense volumes Astalls. Ilcda today should examine the entry of a new shareholder involved in the capital increase, probably the Japanese Ihi which would underwrite a third of the operation. Mediobanca Securities underlines that the news, if confirmed, “would give Astaldi enough oxygen to proceed with the Turkish disposal programme. The level of gross debt would be, after the capital increase, still high but more under control".
- Bene Fincantieri +2% and Technoinvestmenti + 2%.
- Sales also on Saras -2%
