A flurry of chiaroscuro quarterly reports kept Piazza Affari on edge all afternoon, but the ending is happy, +0,5% to 17.245 points. However, the rest of Europe did better: Frankfurt +1,42%; Paris +1,54%; Madrid +0,95%; London +1,41%.
Since the morning, confidence was given to exchanges by the figure for Chinese exports, which unexpectedly rose in April and the consequent leap in oil prices. The same sentiment currently animates Wall Street, which has started off in tune and is continuing to progress with the shares of the big technology companies still in the money. The negative data on US jobs remains in the background, which photographs the crisis induced by the pandemic with another 3,2 million individuals who have applied for unemployment benefits, as expected by analysts.
On the other hand, the mood swings of the banks weighed heavily on the Milanese list, which almost all closed in the red starting from Bper -2,48%. The Modenese bank closed a negative quarter, with profit plummeting by 79% to 10,4 million euro, "strongly conditioned by the accounting of additional write-downs on loans for approximately 50 million, as the first significant intervention following the worsening of the context macroeconomic caused by the health emergency”, as indicated by the institute. Unicredit -1,58%, after the accounts presented yesterday and Intesa -1,11% are also bad. Mediobanca limits the damage to 0,27%, after closing the quarter with a profit of 84,6 million euro, in line with expectations for 85 million.
Piazzetta Cuccia confirmed the 2020-2023 business plan, while in line with the indications of the ECB on coupon detachment, it did not confirm the dividend for the current year, however, he explained, "in the light of the solid capital position prudently kept the portion of the dividend already accrued at 31 2019 deducted from the regulatory capital". Outside the main basket, Mps is up slightly, +0,28%, which recorded a drop in profit of 244 million euros in the quarter and for CEO Marco Morelli "The time has come to review the industrial plan and start a new plan to position ourselves on par with our competitors”. The same Creval, +0,23%, which reduced the gains in the end. Revenues for the quarter reached 143,26 million, marking a slight increase compared to expectations (142 million), while the net result exceeded expectations, 25,33 million euros (against 8 million in the same period of the previous year). .
The net result was driven by the sale of the pledge credit company branch made in January (taken into account by analysts), the proceeds of which were set aside to extraordinary reserve to deal with the coronavirus pandemic. The worst blue chip on the list is Cnh, -3,06%, which suffers from the target price cut by some investment banks after the results presented yesterday. Nexi +3,83% and Moncler +2,65% stand out among the rising big caps.
Enel +1,99% celebrates the results presented last night beyond expectations. Good Recordati +2,58%, double-digit growth in the first three months of the year. The pharmaceutical company, like the others in the sector, remained open even during the tightest lockdown phase and closed the first quarter of 2020 with consolidated revenues of 429,2 million euros, +12,1% compared to the same period of previous year and beyond the consensus estimate.
Oil stocks also in cash, Saipem +2,64%; Tenaris +1,51%; Eni +1,58%, also favored by the recovery of oil. Brent crude rose 3,5% to 30,75 dollars a barrel. The bond ends in green, despite the difficult start. The spread between Italian and German ten-year bonds drops to 244 basis points (-(-1,12%) and the BTP yield falls to 1,88%. The euro-dollar is flat on the currency market, improving to 1,081.
