The markets, including Piazza Affari, go into ‘risk off’ after the attack on Ukraine by Vladimir Putin’s Russia. In Milan, the day was marked by sales, with the Ftse Mib sending the session to the archive with a thud of 4.15% at 24,877.51 points.
The banking sector suffered above all, with UniCredit wearing the shirt with the worst title on the list, closing with a decline of 13.5%. The bank led by Orcel specified with regard to the exposure to Russia that the subsidiary AO Unicredit Bank represents less than 4% of the group’s total assets and an even lower percentage if we look at total loans and assets. “Our bank in Russia represents approximately 3% of the Group’s revenues and allocated capital. All exposures have a high degree of coverage. Our subsidiary is very liquid and self-financed”, remarked a note sent by Unicredit.
Among the worst on the list, Pirelli also stands out, with a 10.4% drop. Despite the accounts and the positive guidance, the market and analysts have focused on the Russia issue. The CEO of the tire group, Marco Tronchetti Provera, indicated during the conference call with analysts that the impacts of the Ukraine crisis on Pirelli, in light of its presence in Russia, will be mainly indirect. In the rear there are also two other big financials: Banca Mediolanum and Banca Generali which closed down by 8.6% and 8.5% respectively.
The Leonardo stock moved against the tide on the stock market (+ 4.3%). Under the lens for the former Finmeccanica the news that Airbus and the Joint Organization for Cooperation in Arms (OCCAR) have signed the global Eurodrone contract, which includes the development and production of 20 systems and 5 years of initial support in service. Airbus Defense and Space, prime contractor, has signed on behalf of the three main subcontractors (Major Sub-Contractors, MSC), namely Airbus Defense and Space in Spain, Dassault Aviation in France and Leonardo in Italy. For its part, OCCAR has signed on behalf of the four nations involved in the launch of the program, namely Germany, France, Italy and Spain.
DiaSorin (+ 2.5%) and Amplifon (+ 2%) were also positive. After this morning’s slide, Saipem also recovered to close at + 1.8%. Today the group active in the oil services sector has communicated the 2021 accounts which show an Ebitda in the red for 1.19 billion euros. The company, which launched its third consecutive profit warning in January, specified that the guidelines of the 2022-25 plan have been defined, which will be approved on March 15. Finally, he announced that talks with Eni, CDP and banks on the financial maneuver are continuing.
Among the big oils of the Ftse Mib, Eni lost momentum (-0.5%). This morning the prices of the Six-legged Dog had been supported by the oil rally, with Brent hitting the $ 100 a barrel threshold.