Positive session for Piazza Affari, with the Ftse Mib index which accelerated in the late morning and now rises by over 1% to 33,596.93 points. Central banks are back among the topics highlighted today, with meetings in Switzerland (which has cut rates again), Norway and Great Britain on rates. Indications also from the European Central Bank (ECB) which today presented the new economic bulletin in which some key elements discussed during the last meeting of the Frankfurt institute at the beginning of June were reiterated.
“The Governing Council is determined to ensure the timely return of inflation to the 2 percent target over the medium term and will maintain key rates at sufficiently restrictive levels for as long as necessary to achieve this target,” the bulletin reads. To establish the appropriate level and duration of the restriction, the Governing Council will continue to follow a data-driven approach, whereby decisions are made on a case-by-case basis at each meeting. THEIn particular, decisions on interest rates will be based on the assessment of inflation prospects in light of new economic and financial data, the dynamics of underlying inflation and the intensity of monetary policy transmission. The Governing Council does not intend to commit itself to a particular rate path.
Among the stories of the day there are Leonardo, but also Stellantis and Telecom Italia.
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Leonardo slips to the bottom
After several consecutive sessions of purchases, Leonardo today slips into negative territory. At this moment the shares of the Defense group led by Cingolani are falling by 0.5% and it is the only negative sign today with Iveco. Last night Leonardo announced to the market the agreement for the definitive sale of its shareholding in Industria Italiana Autobus to Seri Industrial. Under the terms of the agreement, Seri Industrial takes over 98% of the share capital while the remaining 2% will continue to be held by Invitalia, already a partner together with Leonardo in Industria Italiana Bus.
“The sale of Industria Italiana Autobus is part of the rationalization plan of Leonardo’s shareholding portfolio aimed at focusing on the core business, as defined in the Industrial Plan”, declared Roberto Cingolani, CEO and DG of Leonardo.
In the note released yesterday the group specified that the new partner was identified at the end of a selection process started in 2022 which involved numerous potential industrial and financial investors, both Italian and international, in which KPMG and the Legance studio acted as external advisors. A research that was aimed at identifying investors interested in industrially supporting the company and strengthening its capital endowment, with the aim of encouraging the pursuit of business development as well as, obviously, satisfying the best possible economic-financial requirements for the shareholders outgoing and for the company itself.
“In this context, after carrying out an accurate due diligence, Seri has formulated the only offer that meets these requirements – we read further in the press release – with the necessary certainty of execution and with the availability to take charge of the company activities in times and ways congruent with the needs of production continuity, on the basis of a complementary industrial plan and based on the transition towards green mobility”.
Stellantis tonic despite drop in EU registrations
Positive trading for Stellantis on the stock exchange despite the data on registrations in Europe in May. According to the numbers released today by Acea, in May the Stellantis group recorded registrations in Europe (EU+EFTA+UK) down by 8.7% compared to the same month a year ago. The group’s market share rose to 15.9% from the previous 17%. In the first 5 months of 2024, Stellantis registrations were 938,744, showing only a slight increase of 0.5% compared to the same period in 2023, with the market share falling to 16.9% from 17.5%.
Stellantis performs worse than the market
Stellantis performs worse than the market. In May, car registrations in Western Europe (EU+EFTA+UK) were 1,092,901 with a decrease of 2.6% compared to May 2023 and with a decrease of 24.3% compared to the last month of May before -crisis, which is that of 2019. As regards the balance of the first five months of 2024, registrations were 5,569,024 with a growth of 4.6% compared to the same period of 2023 and with a decrease of 19.7 % on the same period of 2019.
“The negative trend in May is largely due to a slowdown in the registrations of electric cars which recorded a 10.8% drop in the month compared to the same period in 2023 with real collapses in some important markets such as of Germany (-30.6%) and Italy (-18.3%) and with a contraction in the share of pure electric sales, which went from 15.2% in 2023 to 13.9%”, explains the Promoter Studies Center (Csp).
Positive Tim, final insights and confirmations
Telecom Italia also recorded a positive sign on the stock market, showing an increase of approximately 0.9%. In an article published today by “The sun 24 hours” is done I focus on the main drivers of the group, reiterating what the company recently indicated in the various meetings with investors. In particular, the financial newspaper emphasizes the fact that “from the second day of the CEO conference organized by Mediobanca, in which the CEO Pietro Labriola also participated yesterday, it emerged that the services company wants to be an active protagonist both on the consumer side both on the enterprise side with a view to consolidation”.
Equita, which maintains a buy rating on Tim, summarizes the main points, including the fact that “Tim is working on the sale of the residual stake in Inwit and the offer for Sparkle is expected in a few days” and ” after the sale of NetCo, both ConsumerCo and EnterpriseCo will also have external growth options, being able to act as an aggregator of even smaller companies”. And finally, “the timing for the closing of the sale of NetCo has been confirmed for 1 July”.
