BENEFICIAL TAKES ON BANKS, MILAN HOLDS DOWN. OIL STOCKS DOWN IN EUROPE, LUXURY BOUNCES
U-turn in Milan. After an upward start (index above 22), the Ftse Mib index took the path of descent -0,43% to 21.821, driven by sales of some bank stocks, slowing down after the boom of the last few days. The other European Stock Exchanges contrasted: London +0,13%, Paris -0,02%, Frankfurt +0,3% and Madrid down by 0,1%. The yield on the ten-year BTP rises by one basis point to 3,30%, the spread with the Bund is at 170 (-1 basis point), on the levels of May 2011.
The banks in Piazza Affari are holding back. Down Ubi Banca -1,81%. Unicredit -1,19%, Mediobanca -1,79% and Banco Popolare -2,26%. The right relating to the capital increase drops by 4,3% to 5,74 euros. Understanding -0,71%. Pop.Emilia rises +0,26%, MontePaschi +1,34% restarts after a decline. Banca di Desio is down 0,9% after a bubbly start, the bank announced the agreement to acquire Banca Popolare di Spoleto.
Fiat is also holding back, which canceled the initial increase and is now down by 1,8%. Pirelli +0,2%. Finmeccanica -0,7%, StM +0,7%. Weak Enel -0,9% and Telecom Italia -1,1%. Enel Green Power goes up +0,4%: Bofa confirmed the buy, target at 2,25 euros. In Europe, oil stocks such as Total -0,5% and Royal Dutch Shell -0,4% fell. Eni drops by 0,1%.
The best ideas concern luxury: Moncler earns 4% after the promotion of Ubs to Neutral from Sell. Ferragamo +1,9%.
In Hong Kong Prada loses 2%. The company announced that the net profit for the year ended last January 31st rose by 0,3% to 627,8 million euros. This figure is lower than consensus expectations of 656 million.
Gtech was also positive +2,4%. On the rest of the list, Bonifiche Ferraresi stands out (+6,8%) on the hypothesis of a consortium of Cariplo with De Benedetti and Gavio to acquire the share of Banca d'Italia. Sias, the holding controlled by the Gavio family which manages a series of motorway concessions, rose by 0,7% to 8,81 euros. This morning, Hammer Partners analysts started the hedge with a Buy recommendation and a target price of 10,40 euros.
