The new disappointment from the US labor market does not shake the stock markets. Piazza Affari at the end of the day closed up (+ 0.23% to 26.51 points) with the oil sector returning to run in tune with the rise in oil prices. The United States saw 194,000 new jobs in September, well below the growth expected by the analyst consensus of +500,000. Unemployment fell to 4.8%. However, these indications are unlikely to move the Fed from intending to start tapering by the end of the year.
Yet another positive week for oil stocks, supported by the new bullish extension of oil that updated the multi-year tops. Tenaris today scores + 4.58%, followed by Saipem with + 3.87%. ENI also dusted (+ 2.33% to 11.858 euros) with analysts looking at the possible implications of the IPO of the business that integrates the retail gas & power and those relating to renewables (Eni R&R). An operation in which the group led by Claudio Descalzi will maintain the majority stake in the new listed company and aims to complete the operation in the course of 2022. Equita SIM believes that it can create value for three reasons: allowing the acceleration of the process of energy transition and related investments through debt relief; by listing a company that will have multiples significantly higher than those of Eni; and making the new company independent from an operational and financial point of view, which will be able to attract investors (debt and equity) excluded from companies exposed to oil & gas.
Among the banks, a positive day for Unicredit (+ 1.11%) and Bper (+ 1.57%). Further behind, Intesa with + 0.3%), which remains Barclays’ favorite
Intesa Sanpaolo is Barclays’ favorite over the medium term by virtue of its strong current and potential ROTEs which represent a competitive advantage enabling higher returns for shareholders.
Hera, on the other hand, is in trouble, which today sold 2.5 percent. A2A was also among the worst (-2.65%). Over -2% for STM and Nexi.