The indications on the trend of inflation in Italy and in Europe weighed. Excellent performance for Telecom Italia TIM. On the other hand, Ferrari is in sharp decline
The major indices of the Italian Stock Exchange and the main European financial markets they ended the day with drops of more than one percentage pointafter the diffusion of preliminary indications on the trend in consumer prices in May in Italy and Europe. Istat announced that in May 2022 the national consumer price index for the entire community (gross of tobacco) recorded a 0.9% increase on a monthly basis and a growth of 6.9% on an annual basis (from + 6% the previous month); the annual figure was higher than the consensus of the analysts which indicated an increase of 6.2%. In Europe, inflation recorded an annual increase of 8.1%, compared to + 7.4% and + 2% in the same month of 2021. The figure was higher than the consensus of analysts which indicated an increase of 7 , 7%.
The FTSEMib closed down 1.22% at 24,505 points, after having fluctuated between a low of 24,453 points and a high of 24,788 points. The FTSE Italia All Share it left 1.19% on the ground. Minus sign also for the FTSE Italia Mid Cap (-1.12%) and for FTSE Italia Star (-0.94%). In the session of May 31, 2022, the turnover jumped to 3.65 billion euros, compared to 1.62 billion on Monday.
At 17.35 on bitcoin it had consolidated over $ 31,500 (just under € 29,500).
The BTP-Bund spread reached 200 points: in theauction of BTPs on May 31st the yield on the ten-year bond (December 2032) was set at 3.1%.
L’EUR it is back above $ 1.07.
Telecom Italia TIM recorded the best performance of the day at the FTSEMib. The stock of the telephone company gained 2.9% to € 0.2976.
On the other hand, Ferrari fell sharply (-4.3% to € 181.4). Citigroup analysts cut the target price on the Prancing Horse stock to 140 euros and confirmed the indication to sell the shares.
Securities in the banking sector are on the swing.
The performance of BPER Banca stands out (+ 1.7% to € 1.9165). Exane analysts raised the target price on the bank to 3.2 euro and confirmed the “Outperform” opinion (it will do better than the market).
In sharp decline, however, Intesa Sanpaolo (-1.41%).
Nervous session for stocks in the oil sectorafter the price of crude oil in New York (contract expiring in July 2022) returned below 118 dollars a barrel.
ENI limited the decline to 0.01% at € 14.198, while Tenaris it lost 3.67%.
Tinexta recorded an increase of 9.32% to 26.5 euros. The company announced that it has entered into binding agreements for the sale of the Credit Information and Management division, which offers business information and technical-estimation services in the real estate sector, through the sale of the equity investments held in the companies Innolva and ReValuta. The transaction values the division at an overall enterprise value of 237.5 million euros.
At Euronext Growth Milan focus on Bifire, on the day of its debut in the price list dedicated to dynamic and competitive SMEs. The title lost 2.18% at € 3.59. The company’s shares were placed at 3.67 euros, with an initial capitalization of the company of 64.04 million euros.
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