A positive start to the week for Piazza Affari, with the Ftse Mib rising by 0.63% and closing at 22,728.54 points. The Italian stock market session benefited from the summer lull, lower trading volume in August and positive Wall Street data. Therefore, the decision of the Moody’s agency, which has worsened the outlook of the rating on Italy’s debt, taking it from “stable” to “negative”, after the fall of the Draghi government, does not affect that much.
The spread between BTP and Bund is confirmed over 210 points, up by more than 3% and the yield of the Italian bond with a 10-year maturity is again approaching 3%. Stellantis (+ 3.14%) stands out among the stocks on the main list of Piazza Affari, on which Moody’s has raised the rating to Baa2 from Baa3. Enel (+ 1.64%) and Cnh (+ 1.23%) also did well, while stocks in the oil sector took a swing, after the price of crude oil in New York returned close to $ 90 a barrel. Eni closed around parity (-0.09%), while Tenaris gained 2.15% and Saipem 1.23%.
Tim progresses, with the managing director Pietro Labriola who, after the disclosure of the half-year results, explained that the integration with Open Fiber for the single network remains the best opportunity from an industrial point of view. However, Labriola does not rule out an alternative plan, i.e. a separate network with another financial partner. Terna (+ 1.73%), A2A (+ 1.69%) and Interpump (+ 1.47%) also did well.
On the other hand, the banking sector is bad. Banco Bpm continues to decline sharply (-2.26%). Losses also for Unicredit (-0.42%), while Intesa Sanpaolo recovered at the end (+ 0.42%) and is clearly bucking Bper trend (+ 2.42%). Ubs confirmed the buy rating on the latter title by slightly raising the target price from 2.5 to 2.6 euros, but according to experts from the financial services company the stock may be worth 60% more. (in collaboration with Money.it)