PREMAFIN, THE CURTAIN FALLS ON THE LIGRESTI. MICROSOFT +2,5% CELEBRATES ACCOUNTS IN THE RED
Tensions over the euro area are back in the foreground. The Asian stock markets interrupted the series of increases pending the outcome of the Eurogroup summit. In Tokyo, the decline is just over one percent. Hong Kong +0,22% rises in the final.
On Wall Street, on the other hand, positive closing for all lists: Dow Jones and S&P +0,27%, the Nasdaq marks +0,79%. The quarterly reports, in particular those of the technology sector, pulled the race, not worse than analysts' estimates.
Intel rose by 3,5% despite having revised downwards its revenue estimates for 2012, according to some analysts, the cut was all in all minor, there were fears that it could be much heavier.
Meanwhile, Microsoft celebrates its first quarter in the red in "history" with a robust 2,5% increase. The Redmond giant has decided to lower the book value of its online activities resulting in a net loss for the quarter of 492 million. Without the extraordinary item, profits would have grown by 7 percent. The market liked the move because it is linked to the upcoming launch of Windows 8 (October 26) from which the company expects a strong surge in sales and results.
However, the spotlight today is once again focused on the Eurogroup, or rather on the Spanish case. Meanwhile Fitch confirmed Italy's long-term rating in foreign and domestic currency (IDRS) at 'A-' with a negative outlook. The short-term foreign currency rating is confirmed at F2. In confirming the rating, the note reads, it looked "beyond the current economic and financial conditions and took into consideration the recent and forthcoming structural reforms which will improve the economy's growth potential as well as the estimate that debt stabilization and its reduction are at hand".
German deputies approved with a large majority the European aid plan for Spain, which has a maximum amount of 100 million euros. This was announced by the president of the Bundestag, Norbert Lammert. Out of 583 voters, 473 voted in favor of aid, 97 against and 13 abstained.
In the morning, Madrid had been forced to accept a serious rise in yields in order to be able to place, with difficulty, a 3 billion euro bond at a yield of 6,93% (+6 basis points), the Spain-Germany differential rose to record highs at 572 basis points. On the other hand, the Italy-Germany spread recovered to 475 basis points (-10 basis points).
The only positive news of the day, with regard to the debt crisis, is the great success of the French bond auction: Paris placed 4,5 billion euros of OAT with yields at their lowest since 1999.
Despite the tensions on the debt front, the markets experienced a positive day: the Ftse Mib index of the Milan Stock Exchange gained 0,5%, Madrid 0,7%. In line with Paris +0,87% but less than Frankfurt +1,11%.
The Ligresti era in Premafin ended yesterday: the board of directors, despite the opposition of Giulia Ligresti, gave the go-ahead for the capital increase reserved for Unipol which thus rose to 81% of Premafin, also acquiring control of the Fonsai group. With the sum deriving from the increase, Premafin and the subsidiary Finadin simultaneously carried out the FonSai capital increase for the portion pertaining to them, subscribing and paying up 339.541.776 ordinary shares at a price of 1 euro for a total of 339,54 million.
Meanwhile, the strong volatility continues in Piazza Affari Fondiaria Sai went from -12% to +22% at the end of the session. Very strong volumes traded equal to 5,47 million pieces, against 2,5 million in the previous session.
As has already happened in the past with the recapitalizations of Seat. Tiscali and others, this type of transaction subjects securities to extremely high stress. On Monday, the stock more than doubled in price compared to the theoretical parity price, on Tuesday it gained 89% to 4,90 euros and collapsed yesterday. At current prices, by purchasing the right (3,90 euros) and exercising it by paying 252 euros (with a right you get 252 new shares at the price of one euro each), you spend 255,9 euros to get 252 shares: each share has been paid 1,01 euros, much less than the stock market price.
In Europe, the Stoxx technology index rose by 2,5% thanks to the driving force of Nokia Up 12%, the stock rebounded from all-time lows on the day the quarter's data was released. The loss exceeded expectations but there was some good news from the cash position. He took advantage of it stm which gained 2,7%. The producer's accounts will be announced on the 24th morning. Best blue chip Buzzi + 6,3%.
Worst title in the main basket Telecom Italy -7%: yesterday the Brazilian telephony regulator sanctioned it in Brazil forbidding the sale of mobile telephony services in 19 states of the country.
Rest it is down 4% to 6,84 euros. According to what is circulating on the Stock Exchange, behind today's weakness there could be fears related to the worsening of the macroeconomic scenario in Italy and Spain. But perhaps the real explanation lies in the success of the discounted prices on the weekend of the Eni fuel network: the impact on motorway catering was stronger than expected.
Banks are on the rise, albeit with very different variations. Unicredit +2,7%, Intesa Sanpaolo +0,6%, Banco Popolare +3,6%. Generali it reversed its morning losses and finished up 0,4%.
