Another session on the roller coaster for the Italian stock exchange, which starts badly, recovers and then returns to go down in the final. But today’s trend helps us to confirm a thesis that the Bag Projection Experts have long supported from these columns. Indiscretions of mergers in the banking sector make Piazza Affari run but only for a while.
The Milan Stock Exchange goes down, up and then down again
Let’s start with the final result. At the end of the session, the Ftse Mib index (INDEX-FTSEMIB), lost 0.1% to close at 18,906 points. A slightly lower close than yesterday.
But the start of the Italian stock exchange was thrilling. At the opening the first price made was at 18,652 points. But soon after that the list began to recover. By 12:00 the index had canceled out the losses from yesterday’s close.
Around 3:00 pm, prices went up by almost 1% and reached the threshold of 19,100 points. At that point, they began to fall, probably below the sales of those who wanted to monetize the gain made in the morning.
The 19.100 level is a resistance (as we pointed out in the previous article from these columns) and therefore perfect for placing sales. So prices began to fall regardless of Wall Street’s rebound opening.
Indiscretions of mergers in the banking sector make Piazza Affari run but only for a while
The European stock exchanges fared worse. The Madrid stock exchange lost 1.8%, the Paris stock exchange 0.8%, London 1.3% and Frankfurt 0.3%. Why did the Italian stock exchange do better? To answer, let’s see which stocks performed the best.
Among the blue chips the best was Banco BPM which gained 5.8%. Followed by BPER Banca, which closed up 5.3% and then Fineco, which gained 3%. Unicredit closed up 2.2% but went up to over 4%.
It was the banks that dragged Piazza Affari up today. Demonstrating how the credit securities sector heavily conditions the performance of the Milanese square. Specifically, BPM was pushed by rumors of possible mergers with Unicredit.
Deepening
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