BANKS CRUSH BUSINESS PLACE. PREMAFIN FEVER EXPLODES +42%
The EU revise downwards growth estimates for Italy. And on Piazza Affari it rains, mid-morning, the sales. The FtseMib index marks a drop of 1,29%, to 16333 points. Germany also slips into negative ground, supported at the start by the improving data of the German confidence index: the Frankfurt Dax travels at -0,36%, London +0,22%, the Parisian CAC -0,09%.
EU data on Italy is nothing new: for the EU, Italian GDP will drop by 1,3% in 2012, in line with most of the forecasts advanced in recent weeks, but below the previous figure (+0,1, 0,4%). The plus sign persists for France (+0,6%) and Germany (+20%), but the official confirmation falls on fertile ground, given the climate of uncertainty that is looming ahead of the scheduled G367 in Mexico City in the weekend. In the wake of these data, the Btp/Bund spread rose to XNUMX bp.
Thus, after the positive start, the Italian banking sector loses momentum. The decline of Unicredit, down by 4,97%, and of the other Bigs weighs in particular: Intesa loses 3,38%, Banco Popolare -3,7%. Abrupt reversal by MontePaschi which drops by 4,28%.
The results of the banking sector, in the wake of the devaluations of the Greek bonds in the portfolio, hold the court throughout Europe. Back off Commerzbank -3,6%, after approving writedowns of 670 million of Greek bonds. The bank prepares a capital increase to strengthen core Tier 1 by converting some hybrid instruments into shares.
The Franco-Belgian institute Dexia meanwhile it drops by almost 3%, weighed down by the enormous loss recorded in 2011.
Sharp loss also for Credit Agricole -4,1% to 4,80 euros. The third largest bank in France announced that it closed the fourth quarter of 2011 with a loss of 3,07 billion euros, also due to the effect of an extraordinary provision of 220 million euros against possible problems of the Greek subsidiary.
After a brilliant start, Finmeccanica slipped by 0,28%. Fiat drops by 4,05%. Among the utilities, A2A slips, -2,21% downgraded by Citigroup, Enel holds +0,02%, promoted by Citigroup itself to neutral from sell: the target price has been raised to 3 euros from 2,8 euros. Weak Mediaset: -4,1%.
Generali advances by 0,156%. Premafin scores +42% after the offer of Sator and Palladio Finanziaria. Salvatore Ligresti, in this regard, did not go too far: "We evaluate everything carefully". Meanwhile, Fondiaria Sai lost 4,8% to 1,61 euros. Unipol drops by 4,52%.
