Piazza Affari flexes its muscles, industrial and utilities assets

Start of the week in solid positive territory for Piazza Affari. The gradual easing of tensions on the Omicron variant pushed European lists at the start of the week despite new sources of tension arriving from China, where Evergrande has made it known that it may not be able to meet its financial obligations. During the session, the People’s Bank of China announced that it had reduced the mandatory reserve ratio by half a percentage point.

In this context, the Ftse Mib stopped at 26,500 points (+ 2.16% to 26,498.07 points) thanks to the rallies recorded by the stocks of the industrial sector (+ 3.61% by Pirelli, + 3.48% by Stellantis and + 3.49% of CNH Industrial) and earnings achieved by public utility companies (+ 3.6% for Hera, + 2.6% for A2A and + 3.02% for Enel).

The group led by Francesco Starace
has issued a note to announce that it has completed the sale of 50% of the share capital of Open Fiber, of which 40% to Macquarie Asset Management for a consideration of approximately € 2,199 million and 10% to CDP Equity for a consideration of approximately 534 million euros. The operation allows the group to realize a capital gain of approximately 1,763 million euros.

Money also on banks: BPER Banca recorded a + 3.15%, Intesa Sanpaolo a + 3.1% and UniCredit showed a + 2.7%. On the latter, the analysts of JPMorgan raised the valuation from “neutral” to “overweight” with the target price increasing from 12 to 15 euros.

In a day of generalized earnings, the -1.38% of Telecom Italia makes even more noise: Vivendi would aim at a public control of the network infrastructure. On the complete we report the + 2.13% of Maire Tecnimont thanks to the news of new contracts for 3.5 billion dollars.

A minus sign for the BTP-Bund spread, which fell by 2.6% to 128 basis points, after the Fitch agency improved the rating on sovereign debt by a “notch”, taking it from “BBB-“ to “BBB”. (in collaboration with