THE OBAMA EFFECT IS ALREADY OVER. MILAN +0,3%
STILL AT 317 THE SPREAD BETWEEN BTP AND BUND
After the start with a strong rise, on the wave of the American agreement on the debt ceiling, Piazza Affari significantly reduced its speed: +0,24% to 18.484 after having reached a maximum of 18795 points. Except then start again at +0,60 after 12 (at 18.570) and then resize to +0,3. The unexpected drop in the index of purchasing managers in the euro zone also caused the price lists to lose momentum, in July the PMI index of manufacturing companies fell to 50,4 from 52 in June, the lowest since September 2009: the economists they expected 50,4. The premium demanded by investors for holding Italian or Spanish 10-year bonds rather than German ones decreased after the agreement reached overnight in the United States on raising the debt ceiling, but remains well above 300bp. The yield on the 10-year Italian government bond drops eight basis points to 5,76% and the yield on the German bund rises by 5 basis points to 2,59%. The differential narrows to 317 basis points, about 15 less than on Friday afternoon.
UNICREDIT SHINES AMONG BANKS, INTESA MARKS TIME
THE BEST TITLE IS AUTOGRILL, RECOVERS FINMECCANICA
After a flying start, Intesa slipped into negative ground -0,37%, before recovering +0,8%. Ubi remains in negative territory (-0,20%); both banks suffered a demotion of the target by Citigroup, while demand for Unicredit remains lively +1.92%, affected by coverage on the eve of the board meeting on Wednesday 3 accounts. Positive BPMilano (+1,66%), B .Mps (+0,76%) and Mediobanca (+0,62%). Money on Autogrill, the best stock in the basket with an increase of 2,56% to 9,415 euros, in the wake of the upgrade of Exane Bnp Paribas which raised the target price from 9,3 to 9,7 euros. Profit taking, on the contrary, for Lottomatica, the worst share of the Ftse Mib, which yields 1,95% to 13,55 euros. Finmeccanica rebounds (+1,68) after the heavy losses of last week following the disappointing half-year results. In an interview with a newspaper, CEO Giuseppe Orsi said that the company will return to profit in 2011 and that a capital increase is not foreseen. Fiat Industrial (+1,85%) was also on the back foot in the wake of the increase in the target price to 13 euros from 12 by Citigroup which also raised the target for Fiat (+0,72%) to 12 euros. The palm of the best title belongs to Autogrill + 2,72% on the wave of the results of the second quarter.
THE MILAN GENOA SITE IS GOOD FOR IMPREGILO
BREMBO NAILS 8-5,07%) AFTER THE COUNTS (GOOD)
Bene Impregilo, in which the Blackrock funds increased their stake to 4,938%. Pushing the stock up 1,01% is the signing of the agreement between Cociv (50% led by Impregilo) and Rfi (operator of the railway network) for the opening of construction sites for the Milan-Genoa TAV. The contract has a value of approximately 5 billion and a duration of six years. “The news is very positive as well as long awaited”, says Equita. "The contract is, in fact, interesting both from the point of view of margins (complex works taking into account that the section is almost completely in the tunnel) and financially, given that it provides for a contractual advance equal to approximately 10% of the works", continues the sim Milanese confirming the purchase recommendation (“buy”) on the stock with a target price of 3,95 euros. “In our calculations, the net present value of the contract is around 170 million, therefore equal to around 0,45 euro per share”, concludes the broker. For Equita, however, Edison (+0,83%) deserves attention "on the eve of the meeting between Henry Proglio, CEO of EDF, and the Minister of Economy Giulio Tremonti". Danieli & C. leads the FTSE Italia Mid Cap with an increase of 2,84% to 19,18 euros, followed by Italmobiliare (2,78%) and Safilo G. (1,86%). Brembo, on the other hand, was doing badly (-5,07%) penalized by the 2011 outlook provided by the company, judged too cautious by the market.
SURPRISE HIT FOR MAIRE MEMBERS
SEMESTER IN RED, SOUTH AMERICA WEIGHTS
But the negative case concerns Maire Tecnimont, suspended due to excessive reduction in Piazza Affari after an initial loss of 18%. The shares returned to the board with a drop of 8,06% to 1,049 euros, weighted by the results for the first half, announced on Friday evening. Then, during the session, a current of purchases made it possible to go back up to -0,8%. In the period in question, the company recorded a negative Ebitda of 159,6 million euros, down compared to 30 June 2010 when it was positive for 57,3 million. A surprise blow from South America. "This change is mainly attributable to the non-recurring impact of the negative margin of the South American contracts", reads the company note. The fact remains that the extraordinary provisions, according to the analysts of Mediobanca and Banca Imi are higher than forecasts, the liquidity on hand (103 million) has halved and from the profit of 31 million in the first half of 2010 it has passed to a loss net of 152 million in mid-2011.
