The Unicredit run, up 6,7% at last night's close after jumping 12% for the day. The stock, which two days ago had gained 12,2%, today seems to be on a break (-0,8% in the morning).
It seemed obvious that some important fund was entering the capital of the banking group, and in fact there are the first rumors of a new international investor: according to FIRSTonline, it would be the Singaporean sovereign wealth fund that would have an interest in becoming a shareholder. Singapore is currently one of the major shareholders of the Swiss bank UBS. The current CEO of Ubs, the Ticino-born, could therefore also be behind this operation Sergio Ermotti, who knows Unicredit very well: until a year ago, he was the head of investment banking for the Italian group and for a long time in the predicament of taking the place of Alessandro Profumo himself.
For Unicredit there is also a technical rebound, after being oversold in recent months. In fact, since last February – when the title was worth 2 euros – Unicredit dropped to 0.6360 euros last September 23rd, losing almost 70%. Such a low level - even if today the value has returned above the "psychological threshold" of 1 euro - is evidently considered attractive for repurchasing the shares and, also thanks to a recovery of the ftse mib in the last few days and the willingness on the part of the institutions to recapitalize the banking system, a rebound is foreseeable.
In the meantime though Fitch downgrades UniCredit's support rating: to 2 from 1, and the minimum was corrected to Bbb+ from A.
