• Tue. Oct 26th, 2021

Ftse Mib and spreads on the rise

Byeditorial

May 13, 2021

After a first part characterized by strong sales, during the afternoon the positive start of Wall Street allowed the European stock exchanges in general, and Piazza Affari in particular, to close above par. The Ftse Mib closed the session at 24,486.01 points (+ 0.14%) while the spread between the yield on Italian and German 10-year bonds rose by two percentage points to 113 basis points. This morning the Ministry of Economy placed 3, 7 and 30-year bonds worth € 9.25 billion. The three-year period recorded an increase of 11 cents to -0.06%, in the case of the 7 years the figure stood at 0.69% and in that of 30 at 2.06%. Milan on the basket of blue chips stand out the performances of STMicroelectronics (+ 1.35%), in the wake of the rebound of the Nasdaq, of Nexi (+ 3.33%), which in the first quarter recorded an Ebitda up by 2% and revised upwards the view on 2021 revenues, and of Prysmian (+ 2.76%). Between January and March, the latter recorded growing profits and margins, confirming the Ebitda estimate for 2021. Also highlighted is Pirelli (+ 2.57%) which closed the quarter with an operating profit up 19.6% and estimated that, under current conditions, 2021 revenues will be in the upper part of the guidance. After the presentation of the results, Mediobanca analysts raised the valuation from “underperform” to “neutral” with the target price going from € 4.4 to € 4.8. Day of accounts also for Tod’s (+ 6.43%). As regards the banking sector, the Moody’s agency improved the outlook on Intesa Sanpaolo (-0.42 %%), on Banco BPM (+ 0.46%), on BPER (-0.2%) and on Mediobanca (+ 1%) from “negative” to “stable”. Outlook confirmed at “stable” and 1.88% red for UniCredit, which announced the new organizational structure desired by the new CEO Andrea Orcel. Profits on crude oil, Brent futures fall by 2% to 67.9 dollars, caused Eni to lose 1.47% and Tenaris to lose 2.27%. (In collaboration with money.it)