Thursday without sprint for Piazza Affari. After a promising start, the markets lost strength and in the end the Ftse Mib index marks -0.04% in the area of 27,098 points. Today, in the absence of the Wall Street compass (closed for Thanksgiving), the markets continue to fear the advance of the fourth wave of Covid in Europe (yesterday new records of infections in Germany over 75 thousand) and the inflationary push that , even according to the Fed’s latest minutes, they could induce the US central bank to accelerate on tapering and raise rates earlier than expected. On the macro front, German data disappointed once again this morning, with Gfk consumer sentiment falling to a six-month low of -1.6.
Looking at Piazza Affari, the Enel rally stands out (+ 1.48 & € 7.149). The largest blue chip in Piazza Affari by market cap yesterday presented the new strategic plan for 2024 which accelerates on the green investment front, anticipating the Net Zero goal by 10 years (from 2050 to 2040). Today, Intesa Sanpaolo analysts remark how the 2022-24 plan pushes investments upwards, supporting an expected growth in green capacity from 54GW in 2021 to around 77GW in 2024, 18 billion euros (+ 12% compared to the previous Plan ) and on greater investments in infrastructures and networks in Europe. “The new plan also focuses on the integration of the business of Renewables and Customers, which we do not exclude being a turning point in the generation of energy from long-term renewable sources”, asserts Intesa SP which has raised the rating from Add to Buy with target price at € 9.1 (from the previous € 9.7).
Campari also did very well today, gaining over 2.5% at € 13,295. The rally by French Remy Cointreau in the wake of the publication of the growing half-year accounts and the upward revision of the forecasts for the current year gave gas to the action. The transalpine beverage group expects “very strong” organic growth in current operating profit.
Generali is down (-0.43% to € 18.32) which announced that it has entered into exclusive negotiations with Crédit Agricole Assurances for the acquisition of La Médicale, an insurance company of Crédit Agricole Assurances aimed at healthcare professionals.
The euphoria over the TIM stock has partially deflated today, retreating by more than 2.6% to € 0.484 pending the board meeting scheduled for tomorrow. Prime Minister Mario Draghi stressed that “many things must be evaluated” and the government in analyzing this offer will take into account employment protection, technology protection and infrastructure protection.
ENI is also down today (-0.6%). According to reports from Il Sole 24 Ore, there would be BlackRock, Sixth Street and EIG Global Energy Partner among the companies interested in a minority stake in EniPower, an energy generation unit of the Eni group. Binding offers are expected in early December.