ENI AND TELECOM SAVE MILAN FROM THE BEAR. THE MPS ORDEAL CONTINUES. DOWN UNICREDIT
Thanks to Eni's performance and Telecom Italia's leap forward, Piazza Affari joins the bandwagon of the recovery in price lists triggered in the morning by the stability of Chinese GDP and rising crude oil prices.
At the end of a session in which there was no lack of volatility, Milan rose by 1,04%, with a considerable gap compared to Paris +1,97%, Frankfurt +1,50% and London +1,68%. Only Madrid +1,01% closes below Milan, but on the Spanish Stock Exchange it did not have to cancel, unlike in the Bel Paese, the Black Tuesday of the banks. The ordeal of credit, on the other hand, is certainly not over.
The government bond market is holding two days from the ECB's directorate: the ten-year BTP rate is stable in the 1,57% area, the spread on the Bund narrows to 108 basis points from 109 yesterday. Mid-session, US stocks rebounded, albeit cautiously: Dow Jones +0,21%, S&P500 +0,38%, Nasdaq +0,21%.
Going back to Piazza Affari, the market reacted with violent sell-offs to requests for clarification on non-performing loans from a group of banks. The hardest hit institutions were still Mount Paschi -14,3%, after being suspended for a long time due to excessive reduction, e Carige -11%.
Other institutes that received the request for clarification from Frankfurt also fell sharply: Unicredit, finished down 3,4%, Banco Popolare -6,3%. Instead, it closes in positive territory Banca Popolare di Milano + 0,4%. Banca Popolare dell'Emilia -0,4%.
No requests have been sent to Understanding +1%, ea Mediobanca, up 2%. Note the sharp rise in Bank Ifis +4,6%: the 2015 financial statements closed with a net profit of 162 million euros, up 69%.
The index was supported by the rise of Telecom Italia, galvanized by the air of M&A around the stock. Yesterday the CEO of Vivendi, Guy de Puyfontaine, reiterated in Parliament his willingness to focus on a long-term investment as part of the strategy of creating a global player, ready to seize the opportunities that will arise with Mediaset.
Uphill too Eni +1,3%, promoted to Buy by the Canadian broker Canaccord and supported by the rise in Brent is up (+2,4% to 29,2 dollars). Tenaris +3,1%, unchanged Saipem. Among the insurance UnipolSai it lost 1,7%, penalized by the downgrade of Goldman Sachs, which cut the rating to Neutral from Buy.
Fiat Chrysler achieved an increase of 2,5%. The engine roars again Ferrari +8,5%. Also recovering Finmeccanica +2,2% and StM +4%. Instead, it shines in luxury Yoox + 4,3 % Ferragamo, downgraded from Ubs to Sell, loses 1%.
