Colorless session for Piazza Affari that fails to follow up on the eve of the rises. The Ftse Mib closed -1-16 %% at 20,961 points. Yesterday the Milan stock exchange had outperformed following the outcome of the political elections which gave a solid majority to the center-right coalition. Today, the widening of the BTP-Bund spread was a cause for concern, which went beyond the 250 bp wall, a level it had not touched since May 2020. The 10-year BTP yield went up to over 4.7 %, on the maximum at about 9 years. Yesterday evening S&P Global Ratings highlighted the limits of Italy, which has a “limited” budget space, in view of the budget law that will have to be passed within the next few weeks, after the formation of the executive.
On the parterre of Piazza Affari in the front row today Nexi stands out with a jump of 2.5% after the publication of the new targets that indicate organic growth in revenues with a CAGR of about 9% and an Ebitda of about 14% in the period 2021-2025. The targets of the strategic plan approved by the Board also see an average annual growth in normalized net profit of around 20% and over 2.8 billion in excess capital in the period 2023-2025.
Among the banks Unicredit loses (-1.82%) the promotion to overweight by JP Morgan. Over -2% for Bper and Intesa.
A new difficult session for Enel (-4.75%, which suffers together with the entire utility sector, which is paying for the surge in government bond yields. Enel reached its lowest level since November 2018 at € 4.332. Worse did Terna with 5.49% with Citi confirming the sell rating.