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 10-year Italian and German bonds rose by two percentage points to 113 basis points.
This morning the Ministry of Economy placed 3, 7 and 30 year bonds for 9.25 billion euros. The three-year period recorded an increase of 11 cents to -0.06%, in the case of the 7-year period the figure stood at 0.69% and in that of 30 at 2.06%.
Returning to equities, in Milan on the blue chip basket the performances of STMicroelectronics (+ 1.35%) stand out, 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 the view on revenues for 2021 revised upwards, and of Prysmian (+ 2.76%). Between January and March, the latter recorded growing profits and margins, confirming the estimate on Ebitda 2021.
Also highlighted is Pirelli (+ 2.57%) which closed the quarter with an operating profit up 19.6% and estimated that, in 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 as “stable” and 1.88% red for UniCredit, which announced the new organizational structure desired by the new CEO Andrea Orcel.
Profit-taking on crude oil, the 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)