TRUJILLO PREPARES AN OFFER ON TELECOM ITALIA (+4%). THE DOLLAR FLYES, THE CTZ AUCTIONS WELL, BUT WITHOUT A RECORD
Piazza Affari accelerates under the pressure of various positive factors: the rush of the dollar; the successful outcome of the Ctz auction. And the sudden wave of speculation on Telecom, on the wave of rumors arriving from the USA. The Ftse Mib index rose by 0,54% to 20.802. Paris +0,22%, Frankfurt +0,34% and Madrid +0,58% are also on positive ground. Only London falls -0,24%, the dollar rises to 1,273 against the euro, a level it has not seen since November 2012: it is the third consecutive day of the rise of the American currency. Treasury auctions are good even if the Ctz (placed 2,75 billion expiring on 30 August 2016) placed at 0,385% they rise compared to the record of 0,326% at the end of August. Also assigned 497 million Btpei maturing 2041 at 2,12% and another 966 million Btpei maturing 2024.
The rebound of is sensational Telecom Italy + 4% after the news from Bloomberg that Sol Trujillo, former CEO of Telstra and the French Orange, is looking for funding to launch a 7,5 billion euro offer for 40% of the Italian group. The project has not yet been submitted to the examination of the Italian group. But Trujillo could count on the interest of the sovereign wealth funds of Qatar and Abu Dhabi. This morning, Telecom Italia received a positive opinion from JP Morgan: the American bank has restarted coverage with an Overweight recommendation and a target price of 1 euro. The board of directors convened to deal with the Telecom Argentina situation has been postponed to tomorrow.
Takes flight Finmeccanica +4,2%. Today the board of directors meets which should approve the reorganization of the subsidiaries and examine the offers for the railway activities. Ansaldo Sts +1,2%. Among industrial companies, Fiat climbs 4%. The stock benefits from the appreciation of the dollar. 55% of the group's revenues are generated in America.
StM advances by 0,5%, Pirelli loses 0,6%. Mediaset rises by 1,4%. Enel has accelerated and gains 1,7%, SocGen has raised its rating to Buy from Hold, target price 4,80 euro. Eni falls by 0,3%, Saipem rises by 1,1%. Among the banks, Intesa +0,3% and MontePaschi +1,8% rose, Unicredit unchanged. Weak luxury companies, Ferragamo -1,2%. Among the mid caps runs Italcementi +3,3%, supported by the promotion of the broker Berenberg who raised the rating to Buy from Sell.
