Piazza Affari closes with a flourish a week in tune with the rise that has brought the Milan stock exchange close to its multi-year highs. At the end of the day, the Ftse Mib index scored + 0.81% at 26,489 points, less than 200 points from the 13-year high reached on 13 August. After the better-than-expected quarterly results released yesterday by Morgan Stanley, Bank of America and Citigroup, today further positive sentiment came from rumors about the Chinese government’s move to ask major banks to speed up the mortgage approval process for offer support to the residential real estate sector in a context in which expectations for a cut in the required reserve rate (RRR) by the PBoC are increasing.
The race to the rise in oil is also confirmed today with WTI over $ 82 on the highest levels since 2014 thanks to the mix of growing signals of robust demand and reduced supply in the coming months. The new rise in oil prices supports Eni’s stock which closes at + 1.9% at € 12.208. Tenaris is even better with + 3.14%.
CNH’s rally stands out today in Piazza Affari with + 3.37%. Stellantis also did well (+ 1.05%) despite the data on car registrations in Europe in September seeing the group do worse than the market with a heavy -30.4% compared to -25.2% of the car market in general.
Among the banks, the positive momentum of Banco BPM continues (+ 0.96%) which is supported by the rumors about the Treasury’s intention to extend the expiry of the tax incentives launched to favor M&A operations by another six months. New historical highs for Finecobank (+ 1.34% to € 16.62).
Increase in the order of 2.04% for Intesa Sanpaolo which reaches 2.575 euros, a level that had not reached at the end of June 2018. On Monday 18 October, Intesa will detach a substantial coupon of 0.0996 euros per share by virtue of the distribution of part of the extraordinary reserve on the 2020 results.
Finally, Leonardo only rebounds by 0.87% (yesterday it fell by more than 7%), which declares itself an injured party as regards the defects found in components of the Boeing B787. The group led by Alessandro Profumo also specified that the subcontractor Manufacturing Processes Specification Srl, under investigation by the judiciary and no longer Leonardo’s supplier, has not supplied titanium components for Airbus programs.