Piazza Affari closed the week with a smile supported by the positive sentiment of the other major world stock exchanges. The Ftse Mib index closed with a growth of 0.72% to 24,393 points. This is the close at 13-month highs. Among investors, hopes of an economic recovery have returned to prevail over fears for the health situation in Europe. The support expressed yesterday by Biden to the EU for the vaccines campaign also contributed to fuel the positive sentiment in Europe. On the issues front, today the Treasury placed half-yearly BOTs for 7 billion at a rate of -0.486%. The triptych of end-of-month auctions will end on Tuesday 30 March with the placement by the Treasury of medium-long term securities for a maximum of 8.5 billion euros.
Stocks in the oil sector are recovering: Tenaris and Eni show gains of 3.64% and 1.19% respectively in the wake of the positive performance of oil with the risk that the blockade of the Suez Canal will continue for a long time.
Telecom Italia was also positive (+ 3.48% to € 0.4519) at the center of attention in the last period for the future of the single network. According to Repubblica, the single network project supported by the new executive could follow the one discussed between CDP and TIM last summer. Il Sole 24 Ore similarly underlines the government’s priority to speed up the country’s cabling and reports an indication of 2 billion synergies that can be activated by the single network but only if the combination is achieved within 12-18 months.
Plus sign for Poste Italiane (+ 0.86% to 10.55 euros) on which Barclays has launched the hedging with an overweight rating, a target price of 14 euros (implies a potential upside of 34%) and indicated three drivers that support the rating. In particular, the first concerns “the distribution of financial services, with a resumption of sales of insurance products from the investment of excess customer liquidity and a gradual change in their asset allocation, also supported by Poste’s efforts to improve the skills of the distribution franchising “. The second point concerns the potential business to consumer shipments: “the 2020 results were already very strong, but we expect further growth thanks to the structural increase in the penetration of e-commerce in Italy”, explain from Barclays who indicate that third dividend outlook driver. “We expect a 5% dividend yield in 2021, and 6% year-on-year growth from 2022,” indicates the British investment bank.