PIAZZA AFFARI JUDGES THE GERMAN WEDDING OF ITALCEMENTI. STOCK MARKS RISE, WAITING FOR THE FED'S JUDGMENT
There will be no press conference, so the words of the Fed statement will be even more important this time. From these, in fact, we will understand the intentions of the central bank on a possible rate increase in September. In the meantime, the lists have experienced a relatively quiet vigil.
The volatility on the Chinese Stock Exchanges is curbing, even though they veered downwards in the last part of the session. Tokyo is down 0,6%, Hong Kong is in positive ground. The decline in crude oil continues, albeit at a slower pace; Brent just above 53 dollars, Wti below 48 dollars. It is the eighth negative session for oil.
TWITTER UP AND DOWN, MILAN AT THE TOP
Instead, Wall Street reversed its course, after five sessions in the red: the Dow Jones ale by 1,1%, Nasdaq +1%. The S&P index is even better, +1,2%, the best session in the last two weeks.
Curious fate of Twitter. The company rallied 12% in post-exchange trading after the release of its accounts, only to plunge 6% after the CFO's conference call which revealed that the base of those who actually use tweets are not salt. The dollar strengthened against the euro, which dropped to 1,104 from 1,108 yesterday.
Piazza Affari led the recovery of the European stock markets galvanized by the positive start of the quarterly campaign. 55% of the companies represented in the Eurostoxx (32 in all) who have already announced their first half numbers beat the estimates.
The Milanese FtseMib index closed up by 2,2%, the Paris Stock Exchange rose by 0,8%, Frankfurt +0,9%. Madrid +1,06% and London +0,77% also rose.
AFTER THE DEAL, PESENTI WILL HAVE 6-800 MILLION LIQUID
The bombshell explodes in the evening, with the Stock Exchange closed: the Pesenti family has sold control of Italcementi, +6,4% yesterday, to the German group HeidelbergCement. The transaction provides for the purchase of the 45% stake held by Italmobiliare at a price of 10,60 euro per share, with a premium of 70,6% compared to the weighted average stock market price over the last 3 months, for a total value of 1,666 billion euros.
HeidelbergCement will launch a mandatory cash tender offer on the rest of the capital at the same price. The agreement also provides for the assignment to Italmobiliare, as part of the purchase price, of a stake in the capital of HeidelbergCement, chosen by Italmobiliare, between approximately 4% and 5,3% - through a reserved capital increase - which corresponds to a value of 560 and 760 million euros. In this way Italmobiliare will become the second industrial shareholder of HeidelbergCement, with a representative within the supervisory board. At the end of the deal (which provides for the repurchase of assets in the energy sector and of Bravo solution), the Bergamo-based financial company will be able to count on liquidity between 670 and 870 million. Also up sharply yesterday Buzzi +3,2%, now the only presence in the sector with an Italian majority.
FCA BOUNCES, TODAY THE ACCOUNTS OF CNH
Reacts Fiat Chrysler +3,3% after the crash on the eve -6,9% following the 105 million dollar fine imposed by the US road safety authorities. The company has released a note explaining that the negative impact on the accounts, deriving from the obligation to present a buy-back offer to the owners of defective Jeeps, is very limited. As the New York Times explains, the authorities wanted to inflict an exemplary punishment. In addition to the fine (70 million), there is an obligation to buy back thousands of defective cars. Another 15 million fines will be inflicted, in the event of irregularities, by an independent authority which will supervise the correctness of FCA for three years.
Daniele Chiari, head of product planning and institutional relations for the EMEA Region, said that at the end of July the company estimates 200.000 units produced since the launch of the two Jeep Renegade and 500 X lines. Today Cnh Industrial +1,9% will release quarterly data (tomorrow it will be FCA's turn). The stock yesterday enjoyed the driving effect of competitor Agco's results up 4,4% on Wall Street by 4,4% after announcing better-than-expected second-quarter results.
SAIPEM IN RED FOR 920 MILLION. MAXIS EVALUATION COMING SOON
Strong recovery for oil companies: Eni + 3% Tenaris +3,6%. Salt too Saipem +1,9%, which will be weighed today by the impact of the second quarter accounts, approved yesterday. The six months ended with a negative net result of 920 million and with a red Ebit of 790 million including the impact of 211 million of write-downs of fixed capital. The write-downs, which will affect both results and guidance, amount to 929 million. The company announced a cost reduction of 1,3 billion between 2015 and 2017, with a cut of 8.800 jobs out of the 50 occupied today in the world. leap of Enel +1,7%: the quarterly results of the Spanish subsidiary Endesa exceeded expectations, Ebitda rose 16% to 1,93 billion euros.
MEDIASET BEATS CASH IN SKY
In great turmoil too Mediaset +4,1%. The stock also benefited from the latest statements by the director Gina Nieri, according to which the Alfa Romeo is ready to open a commercial table with Sky for the retransmission of the Alfa company's free content on the Sky platform. In the evening, a note from Agcom specified that the authority's resolution relating to a dispute between Sky and Rai has nothing to do with the possible request for a "retransmission fee" by Mediaset for the transmission of its free channels on the satellite.
Money up too Mondadori +3,2% after first half results. Telecom Italy closes with a modest +0,2%. Flexing Inwit -0,3%. Deutsche Bank has started hedging the stock with a buy target price recommendation of 4,76 euros. Banca IMI and Mediobanca Securities were also positive.
ANALISTS AWARD LUXOTTICA
The revival of luxury comes from Paris. Kering it rose by 5,5% on the wave of Gucci's successes. Like-for-like sales of the Florentine house rose by 4,6%, against expectations of a drop of 2,5-3%. Highlights too Moncler + 2,3%. Ferragamo + 2,4% Yoox + 3,6% Tod’s + 2,1%.
On shields Luxottica +3,4%. The eyewear multinational has received a barrage of positive reviews from analysts. Morgan Stanley raised its target price on the stock to 65 from 63 euros, confirming the overweight recommendation explaining that the company had another record quarter. Also for Barclays the public transport costs rise from 63 to 65 euros.
BANKS, EXTENSION OF MEDIOBANCA
Good day also for credit titles. In Piazza Affari they moved up well Understanding + 2,5% Unicredit + 2,6% MontePaschi + 2,7% Banco Popolare + 3,7% Mediobanca +3,8%. In the financial sector, Azimuth + 1,8% Mediolanum + 1,6% Generali +2,4%. Banca Generali closed in the red -1,1% despite the strong growth in net profit at the end of the half-year: 140 million against the 88,4 million recorded in the same period of 2014 (+58%).
