TELECOM AND TIMEDIA SHINE IN THE BUSINESS PLACE
THE DESCENT OF TECHNOLOGISTS WEIGHTS ON EUROPE
The malaise of Wall Street also affects Europe. The FtseMib index of Piazza Affari drops by 0,84% to 21988. London falls by 1,1%, Paris -1,08%. Massive losses in Frankfurt -1,9%. Madrid -0,63%.
In Europe the best-selling titles are i tech, with the Stoxx index of the sector down by 2%, banks lose 1,6%, automotive -1,5%. The euro it strengthened against the dollar to 1,373, from 1,370 on Friday evening. Slightly uphill the yield of the BTP at 10 years at 3,20% (+3 basis points) . The spread closes at 165 bp.
Il Dow Jones slips 0,78%, the Nasdaq loses 0,55%, while the S&P 500 falls 0,59%. Wall Street opens the week on the downside thanks to the weakness of technological stocks and the wait-and-see attitude of investors in view of the start of the quarterly season: tomorrow after the markets close, Alcoa will make its usual debut.
Friday will be followed by JP Morgan and Wells Fargo.
Telecom Italia shines in Milan +1,71%, at most in the last two years (March 2012). There are two reasons for the increase: the first is the operation announced in France, where the French telephone operator Sfr was sold by Vivendi to Numericable, a company owned by the French-Israeli tycoon Patrick Drahi, at a valuation of 17 billion euros, which corresponds to approximately 7 times the Ev/Ebitda estimated for 2014. Telecom Italia is traded on the Stock Exchange at Ev/Ebitda 2014 of 4,8. The second stands in Marco Patuano's interview with Bloomberg in which the CEO spoke about a recent meeting with the CEO of At&t, Randall Stephenson. It's on its wayo the marriage between Telecom Italia Media +12,74% and the L'Espresso group -0,97% on digital terrestrial television frequencies. The signing of the agreement for the integration of the four frequencies (two from Timb and two from Rete A, controlled by l'Espresso) is scheduled for Wednesday 9 April and will give birth to the first independent operator in the sector. The new entity, according to the scheme that emerged during the negotiations, will be controlled 70% by Telecom and 30% by L'Espresso.
On the day of the announcement of the merger between the Swiss Holcim and the French Lafarge, from which a group with total sales of 32 billion euros will emerge. Italcementi +1,35% and its majority shareholder Italmobiliare +5,61% took advantage of this, while Buzzi Unicem is down 0,21%. Italcementi advanced by 1,35%. Buzzi drops by 0,3%.
Among the Italian banks contrasting trends are highlighted. Banca Popolare Emilia drops by 2,2% on the assumption that a capital increase is being studied. MontePaschi loses 2,4%, Unicredit -1,6%, Intesa -1,1%. In positive ground only Bpm which gained 1,47%.
Among the industrialists Fiat earn 0,8%. Pirelli –2,04% after UBS cut rating to Neutral from Buy. Yoox lost 3,2% today, slipping to new lows since October at 23,33 euros. The British Asos is down 6,2% in London, the lowest since last July.
TIP-Tamburi Investment Partners +0,7% closed early the public offer (100 million9 of the fixed-rate bonds of the 2014-2020 bond loan, intended for the general public, qualified investors in Italy and institutional investors abroad.
