MEDIOBANCA BLITZ. PLACED ALL FONSAI RIGHTS
RCS AND CAMFIN MYSTERIES DEFLATE IN THE MARKET SQUARE
Secondo the Dutch newspaper Het Financieele Dagblad, the president of the Bundesbank, Jens Weidmann would be completely isolated in his position against the purchase of government bonds by the European Central Bank.
This also favors the rise of Mediterranean bags, reducing the impact of Moody's verdict which revised the outlook on the European Union's triple-A rating from “stable” to “negative”. In Piazza Affari, the FtseMib index rose by 0,5% to 15.343. In Madrid, the Ibex index rose by 0,9%. The other European Stock Exchanges were slightly negative: London -0,76%, Paris -0,41% and Frankfurt -0,16%.
After Draghi's statements yesterday, the yield on the Italian 5,72-year BTP started to fall and this morning it is at 437% with a spread of 4 (-XNUMX basis points). The improvement in short-term spreads accelerated the decline, returning to the levels of five months ago. On the 2-year maturity, the Italian spread contracted by 24 basis points to 235, the Spanish one decreased by 30 basis points to 314, the Portuguese spread decreased by 47 basis points to 423.
Big coup by Mediobanca +3,71% on the eve of the board meeting: the auction on the unoptedcapital increase of Fonsai -2,33% (to 1,004, in line with the price of the new shares) ended with today's placement of 1.153.386 rights by the consortium, led by Piazzetta Cuccia. Yesterday the auction started quietly, with only 975 rights placed. The rights offered (a total of 1.154.361) are valid for the subscription of ordinary shares of the company equal to 31,7% of the shares offered as part of the capital increase.
On the Stock Exchange the improvement in government bonds boosts banks and financial bonds. Mediolanum runs up by 4,7%: the asset management group's portfolio in fact has 11,7 billion euros in government bonds with a "duration" - the average of the maturities between the various securities - of around 1 year and a half . Unicredit gains 1,94%, Intesa +1,4%, Banco Popolare +1,18%.
Positive effects also for Generali which rises by 1,74%. The "cases" of the summer deflate: Rcs -11.76%, Camfin is down by 11,96%.
Among the industrialists, the rise of Finmeccanica stands out +3,36%, thanks to rumors about an increase in investments in defense by Poland, which could lead to new orders for the Italian group.
Among the stocks that rise, the rise of Ferragamo 2,44%, to which Barclays' new overweight recommendation makes itself felt, which has set a target price of 21 euros.
Tod’s drops by 1%. cucinelli advances by 2,8%.
Among utilities, A2A +3% and Atlantia +1% rise.
Telecom Italy earn 1%.
The upswing only continues for Mondadori which rises by 5,7% after an acquisition in France.
Erg rises by 1,6% after completing the sale of 20% of the Isab refinery to the Russian Lukoil. Lukoil paid ERG a consideration of 485 million euro, including the value of the inventory. The put on the remaining 20% can be exercised by Erg starting from 1 October 2013.
