The Treasury has sold all three billion of the maximum offer on the Btp to five years and the four billion of the new ten-year BTP September 2024 in auction today. The yield fell to 2,14% on 5 years, a record low, and to 3,42% on 2005 years, the lowest since XNUMX.
The yield on the ten-year Bund also fell by three basis points, to 1,58%, reaching its lowest level in the last seven months, in the wake of tensions in Ukraine. The spread between the two bonds is 192 basis points: we are close to the levels of the summer of 2011.
THEKiev effect it also weighs on the stock lists. The Exchange of Milano slides downwards, the Ftse Mib index marks a drop of 0,98% to 20.197. Manufacturing business confidence rose to 99,1 in February from 97,7 in January: it is the highest value since July 2011.
Frankfurt, the most involved in the events in Ukraine, lost 1,18%, Paris -0,61%, London -0,73%. Madrid -1,17%.
Allianz loses 2,4% after announcing that operating profit in 2014 may be flat compared to 2013.
In Milan the best blue chip is A2A (+1,76%). The company benefits, like other heavily indebted companies, from the fall in market rates.
Sudden collapse of Finmeccanica (-4,46%), penalized by the evolution of the geopolitical situation and by the hypothesis of higher than expected losses for Ansaldo Breda (500 million).
Ansaldo Sts -2,13%. Among the worst stocks, in the main basket, also the Banco Popolare (-2,04%) on the day of presentation of the business plan.
The rest of the industry is influenced by the judgments of the Exane report. Banca Popolare di Milano rises by 0,28%: the broker has raised the rating to Outperform from Neutral. Sanpaolo agreemento loses 0,45%: Exane cut the target price to 2 euros, opinion confirmed at Neutral. The same broker has revised its targets upwards Unicredit (-1,28%), Where's Banca (-0,32%) And Banca Popolare dell'Emilia Romagna (-0,06%). Monte dei Paschi unchanged.
Pirelli -0,24% passes into negative ground after the positive start. The passage of the Steelcord activity of Pirelli to the Belgian group Bekaert, specialized in processing steel wire. The valuation should be between 220 and 250 million euros. The operation is promoted by Mediobanca Securities: “One of the reasons for our stock upgrade in November was the high probability of portfolio rationalization and asset disposal. This news supports our positive position”.
“We consider the sale of a commodity business positive – adds Intermonte – and dilutive of the company's operating margins”.
Mediaset -0,34%. The subsidiary Mediaset Espana released positive results this morning and provided optimistic indications on the evolution of the advertising market in Spain. Telecom Italia -1,53% on the day of the board meeting. Fitch has warned that if the ratio between debt and Ebitda were to deviate from the ratio of 3,5, the rating would be downgraded.
They also go down Ferragamo (-1,48%) And Tod’s (0,15%). M&A has resumed in the sector: the US private equity firm Blackstone has signed an agreement to take over 20% of Versace in a 210 million euro transaction which provides for a capital increase of 150 million and the purchase of shares in the holding of the fashion house for 60 million. The Versace fashion house was thus valued, including debts, at around one billion euros at very high multiples given the operating profit of 70 million.
Florence airport rises by 22% to 13,31 euros. About the company that manages the Florentine airport has arrived the Cedicor takeover bid, an Argentinian group, at 13,42 euros.
