The last session of the week starts well for Business Square, which gains 0,75% by mid-morning. In the first place, the shares of are driving the Ftse Mib Intesa Sanpaolo e Pirelli, earning 3,5% and 3% respectively. Well the titles of Telecom Italy (+ 1,79%), Bank Pop Milan (+ 1,47%) and Yoox (+ 1,41%).
The other main European Stock Exchanges were also positive: Frankfurt + 0,8% Paris + 0,4% London +0,6%. Positive closing of the week for the Stock Exchange Tokyo, with the Nikkei index gaining 0,50% to 14.696,03 points, on a two-week high. Spread Btp-Bund down to 174 basis points.
The rise of Understanding arrives in the wake of publication of the 2013 accounts, which were also archived with a loss of 4,55 billion, affected by provisions and write-downs. However, the institute's top management announced their intention to equally distribute a coupon of 0,05 euro for both ordinary and savings shares. The Bank also indicated today the guidelines of the industrial plan to 2017, which forecasts a profit at the end of the period of 4,5 billion euro. “The overall plan is reasonable and in line with expectations except for the Rote. The dividend envisaged over the horizon of the plan is generous”, explains an analyst.
Even the performance of Pirelli is related to the 2013 accounts, despite the 21,7% drop in profit to €306,5m, due to a loss of €78,3m in equity investments (of which €44m from the write-down of the Prelios convertible) and an increase of €45m million of net financial expenses compared to 2012. Revenues grew by 1,2% to 6,15 billion, however affected by the exchange rate effect without which there would have been an increase of 8,4%.
This morning Equita's analysts confirmed the "buy" recommendation on the tire company's shares, appreciating both the ability to cope with the unfavorable trend in exchange rates and the indications provided by management for 2014, i.e. revenues of 6,2 billion euros, down 6% and an ebit of around 850 million. Debt is expected to be around 1,2 billion at the end of the year (1,32 at the end of 2013). The forecasts take into account the steelcord division, which however will be sold in the third quarter of 2014.
During the conference call with analysts, Marco Tronchetti Provera pointed out that the agreement concluded between the Italian shareholders of Lauro-Camfin and the Russian group Rosneft will allow “further long-term growth for Pirelli”. The CEO said he was convinced that the share deal will accelerate the development of Pirelli's business on the Russian market and beyond, since Rosneft is active in emerging markets such as China, Asia, Africa and Central America and could act as a "springboard" for Pirelli in these areas. In general, Tronchetti Provera underlined that Pirelli's 2014 "started off on the right foot".
Eni rose by 0,4% after announcing the placement of 7% of the Portuguese Galp and after the rumors about the sale of a further 15% of the Mamba field in Mozambique. An operator points out that this is news that was already expected by the market.
Banca Carige it closed 2013 with a loss of approximately 1,7 billion and gave the go-ahead for the capital increase operation for 800 million, which will be carried out in June. The stock drops more than two percentage points, after yesterday recording a leap of almost 12%.
