Boom in volumes and strong arbitrage on the stock Saipem on the penultimate day of the 3,5 billion euro capital increase. Today in Piazza Affari 142,8 million pieces changed hands, around 32% of the old share capital, with the share closing down by 1,34% 0,362 to EUR, exactly in line with the subscription price of the increase. Only once, this year, had the volumes been more consistent: last January 22 (with 219 million pieces), or the day before the start of the increase, while in the rest of the sessions they had never exceeded 40- 50 million. But the element that is most highlighted in the trading rooms is that the stock has continued to fluctuate throughout the day, right at the turn of the recapitalization price.
The reasons for this movement? Mainly two. First the referees: the investors who have subscribed to the increase and therefore will have the new Saipem shares in their hands on Friday, as soon as the share exceeds 0,362 euros, they will take advantage of it to make a small capital gain. Secondly, there is a widespread belief among operators that the placement banking syndicate, particularly in the last few sessions, is supporting quotations so as not to let them slip below the issue threshold. A scenario, the latter, which would make it more advantageous to buy shares on the market rather than subscribe to the increase with the generation of substantial unopted shares that the banks themselves would be called upon to guarantee.
