RAIN OF PURCHASES ON BOTS IN SIX MONTHS
GOLDMAN SACHS MAKES TELECOM FLY
Good news on the market front. At Piazza Affari the Ftse Mib index consolidates its rise (+0,87% to 21.589 points) on the wave of the success of the Bot auction.
The Treasury has successfully placed all 6,5 billion euro of 6-month BOTs against a request equal to 11,021 billion. The yield fell to 0,492% from 0,594% at the end-April auction.
Lo BTP/Bund spread it stands at 165 basis points with a rate of 2,97%, below the psychological threshold of 3%.
The cyclical survey on the pulse of the economy in the euro area helped the upside, showing a new improvement in May, exceeding expectations. The economic sentiment index in fact rose to 102,7 from 102,0 in April and against the consensus at 102,2.
The other price lists were almost unchanged: Paris +0.14%, Frankfurt +0,12%, London +0,02%. Madrid +0,22%.
Among the blue chips, the rise of Telecom Italia +4,31% stands out after the judgment of Goldman Sachs.
The American bank has set the target price at 1,50 euro (from 0,95) by inserting the security in the Conviction Buy list (ie among the securities absolutely to buy). In the opinion of Goldman analysts, current valuations do not reflect the potential deriving from the consolidation process in Italy, Brazil and Europe.
Among the banks advances Understanding +1,84%, the best stock in the Eurostoxx 50 since January , followed by Unicredit +0,8%. They retrace both Banca Monte Paschi –0,7% that Popolare di Milano – 0,8%.
Sale Fiat +0,84%, Sergio Marchionne has confirmed the Lingotto targets for 2014.
Finmeccanica +1,61%. Ansaldo Sts is also advancing +1,2%, pending the Siemens offer on Alstom which could change the chessboard of the sector in Europe.
Still in positive territory Mediaset + 0,66%. On 7 June, the Alfa Romeo company will have to reveal its cards on the pre-emption claimed on Digital+, the Spanish platform put up for sale by Prisa.
Terna -0,05%: Goldman confirmed the sell opinion, target price at 3,55 euros.
Enel +0,48%. Eni unchanged, Saipem advances +0,47%.
Safilo salt +1%. Bank of America raised its recommendation from underperform to neutral, raising its target price to 17,5 euros.
Astaldi -0,8% signed an agreement with a Turkish banking syndicate for the financing of the construction of the third bridge over the Bosphorus.
