Monte dei Paschi raises its head in Piazza Affari after months of declines. After a morning in progress and a few minutes in the volatility auction due to an excess of bullishness, at 15.45 the share gained 9,67% to 2,8 euros, achieving the third best daily performance on the Milan Stock Exchange. A ride that follows the 1,5% rise recorded in yesterday's session, April 4, and which represents an attempt to recover the accumulated losses since the beginning of the year (-28,78%).
Purchases were driven not only by the probable improvement in the accounts that will be announced at the beginning of May, but also by the words of the CEO, Marco Morelli, who reassured the London financial community during a series of meetings with institutional investors. The manager's message was received clearly: Mps finally sees the light at the end of the tunnel.
Morelli confirmed that the restructuring plan of the Sienese bank is proceeding on schedule. The manager then signaled a reduction in the cost of deposits, which will eventually align with the average for the Italian sector, and signs of a recovery in loans. On the securitization of the 26 billion euro portfolio, the response from the competent agencies should arrive by the end of April, which will have the task of assigning the rating, a fundamental step in order to obtain the state guarantee on senior securities (Gags) necessary to be able to place the securities at investors. The operation should be completed by the end of June.
All news that has allowed MPS to regain the confidence of the market which, after months of sales, seems to be starting to look at the Rocca Salimbeni stock with renewed interest.
