Borsa Italiana, the comment of today’s meeting (24 June 2020)


The major indices of Borsa Italiana and the main European financial markets recorded decreases in the order of 1-2%. Bank stocks are accelerating downward. Only Atlantia goes up  </p><div>

            <! - <EdIndex> -><p><img style="float: left;" src="" alt="bag-red" width="200" />The major indices of Borsa Italiana and the main European financial markets <strong>record drops in the order of 1-2%</strong>. Nadège Dufossé - CFA, Head of Asset Allocation of CANDRIAM - maintains a <strong>cautious attitude on the markets </strong>as the emergency related to the coronavirus pandemic has not been completely overcome and the path to get out of it is becoming rough - at least in the United States - where the evolution of the situation is less predictable than in Europe. Based on this scenario, the expert believes that the Eurozone offers opportunities both on the equity and on the bond front. "We have a long position on European equities and value sectors over US equities," said Nadège Dufossé.

At 12.30 on FTSEMib it registered a drop of 1.42% to 19.560 points, after having oscillated between a minimum of 19.493 points and a maximum of 19.907 points. Pierre Veyret – ActivTrades technical analyst – reported that the index continues in one horizontal consolidation phase between 19.580 points and 19.800 points, with no bearish alarm in sight. “It is necessary to overcome the area at 19,800 points to make room for a rally that could extend to 20,000 points, which is an important psychological and technical level,” highlighted the expert. At the same time on FTSE Italia All Share it lost 1.34%. Minus sign also for the FTSE Italia Mid Cap (-1.11%) and for the FTSE Italia Star (-1.4%).

L’EUR fluctuates around $ 1.13, while the bitcoin stands at 9,500 dollars (just under 8,500 euros).

The Btp-Bund spread has gone up to 180 points.

Banking stocks accelerate downward.

UniCredit it loses 3.65% at 8.204 euros. The institute led by Jean-Pierre Mustier has placed a Tier 2 bond worth 1.5 billion dollars, obtaining requests for about 5.5 billion dollars. The security expires 15 years (non-refundable in the first 10 years) and was issued with a spread of 475 basis points compared to the reference US government bond.

Intesa Sanpaolo limits damage (-0.65%).

Excellent performance for Atlantia (+ 2.8%), the only positive security in the FTSEMib. According to what was written in La Repubblica, the infrastructure holding company would be ready to sell the majority stake held in Autostrade per l’Italia. The newspaper hypothesizes that the buyers could be the Cassa Depositi e Prestiti and F2i, an independent Italian manager of infrastructure funds, with assets under management for around € 5 billion.

Cy4gate is unable to make a price on the day of its debut at AIM Italia. The share recorded a theoretical progress of 30.2% on the basis of the 3.15 euros of the placement price.

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