Market capitalization down by 10.1%, ratio between capitalization and GDP at 32% compared to 33.1% at the end of 2019 and a surge in transactions. This is the “Covid effect” on companies listed on Piazza Affari according to the latest Consob Statistical Bulletin, which reports data on groups present on the Milan Stock Exchange and on financial intermediation at the end of 2020. On the other hand, on the rise in the same period the volume of trading of shares (+ 23.5%), equity derivatives (+ 8.8%) and Italian government bonds, increased by as much as 71.8%.
Boom del trading online
Last year there was also an overall increase in business volumes relating to the provision of executive investment services (order execution + 6.8%, order reception and transmission + 26.4%, trading on own account +21, 7%). Assets managed by Italian intermediaries grew (+ 4.3%) mainly linked to the growth in asset management (+ 4.8%).
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Deposits are rising
Investors’ preference for liquid assets continues, but the flight to government bonds recorded in the first part of the year falls. The value of financial instruments held with Italian intermediaries for investment and asset management services increased (+ 2.6%), but less than the growth in deposits. In the equity portfolio of professional customers, the weight of foreign securities is growing at the expense of Italian ones. Retail customers maintain their investment in Italian government bonds stable compared to 2019. 22.7% reduction in bond issues of Italian banks (compared to 2019), mainly due to public offers on the domestic market (-33.1%), concludes the Consob Bulletin.
Raising up for savings and policies
The economic crisis generated by the Covid-19 pandemic did not stop the growth of confidence in financial instruments, on the contrary: the increase in gross deposits in the sector at the end of 2020 was equal to 382.6 billion (+ 7.9% compared to the end of the previous year), while the collection of insurance products with a prevalent financial content made by Italian intermediaries decreased, amounting to approximately 43 billion euro (-7.2%).
Profits of listed companies
The recovery in the second half of the year allowed listed companies to close the 2020 financial statements with an overall decline in net profits, but without recording negative results, adds Consob in its Statistical Bulletin. In particular, insurance companies reported net profits of 3 billion euros, while non-financial companies listed on the MTA for around 10.7 billion and an increase in liabilities of around 42 billion. The banks report an overall profitability of one billion, while the industrial companies listed on AIM recorded profits of 102.2 million.