Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  UniCredit SpA       IT0004781412

UNICREDIT SPA
Mes dernières consult.
Most popular
Report
SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Italy's Banks Take Hit on Inconclusive Election Results

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/26/2013 | 10:34am CET

BY Giovanni Legorano

MILAN--Italian banks are taking a huge hit at the outset of Tuesday's trading session in Milan following election results that produced a hung parliament with no clear political majority in the upper house.

Large banks such as UniCredit SpA (>> UniCredit SpA), Intesa Sanpaolo SpA (>> Intesa Sanpaolo SpA) and Banca Monte dei Paschi di siena SpA (>> Banca Monte dei Paschi di Siena SpA) all failed to open at the beginning of the trading session.

When they did open they were trading down at levels ranging from -7% and -10%.

"Political instability is taking a toll on government bonds, which Italian financial companies are stuffed with, so they are the ones which suffer most," said Vincenzo Longo, a strategist at IG Markets in Milan.

The yield on 10-year Italian bonds surged 46 basis points to 4.82% on Tuesday, according to data from Tradeweb, after the inconclusive set of election results triggered fears of renewed political instability for the country.

With the counting of votes ending in the early hours of Tuesday, the left-wing coalition led by the Democratic Party's Pier Luigi Bersani gained a razor-thin victory in the lower house of parliament over the center-right coalition headed by Silvio Berlusconi. By leading the vote count in the lower house, the Democratic Party automatically gets the majority of seats and, therefore, is likely to receive the mandate to form a government.

However, in the Senate, although the center-left is the biggest single party after the vote, it is well short of an overall majority. Italy's parliament is made up of the Chamber of Deputies and Senate, both with equal powers.

Assicurazioni Generali SpA (>> Assicurazioni Generali SpA), Italy's largest insurer by assets which has a large government bond portfolio, was also suffering in Tuesday's trading session.

At 0901 GMT Generali was down 5.84%, UniCredit 7.8%, Monte dei Paschi 7.3% and Intesa 8.1%. Milan's FTSE MIB was down 4.1%.

Write to Giovanni Legorano at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on UNICREDIT SPA
12/15 H&M leads European shares lower after sales miss, banks stumble
12/15 UNICREDIT : Fitch affirmed UniCredit SpA's ratings
12/13 UNICREDIT : issues Additional Tier 1 PerpNC7.5 Notes (AT1) for EUR 1 billion
12/13 European shares slip; Italian stocks fall on political uncertainty
12/13 Atlantia braced for possible legal action to secure Abertis bid rights -sourc..
12/12 UNICREDIT : Press release pursuant to art. 66 of Consob Regulation no. 11971/99
12/12 UNICREDIT : raises dividend, bad loan reduction goals
12/12 UNICREDIT : says turnaround plan on track (2)
12/12 UNICREDIT : says turnaround plan on track (3)
12/12 UNICREDIT : ++ UniCredit agreement to go below 20% of FINO ++
More news
News from SeekingAlpha
01/16 DBRS lowers Italy's credit rating
2016 Understanding The Italian Banking Crisis, A New Lead Domino?
2016 Markets Edge Into Holiday Weekend
2016 Italy looks to prop up banking sector
2016 Fortress purchases NPL portfolio from Italy's UniCredit
Financials (€)
Sales 2017 19 560 M
EBIT 2017 7 672 M
Net income 2017 4 693 M
Debt 2017 -
Yield 2017 1,81%
P/E ratio 2017 7,15
P/E ratio 2018 10,38
Capi. / Sales 2017 1,84x
Capi. / Sales 2018 1,80x
Capitalization 35 967 M
Technical analysis trends UNICREDIT SPA
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 19,0 €
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Jean-Pierre Mustier Chief Executive Officer & Director
Giuseppe Vita Chairman
Ranieri de Marchis Co-Chief Operating Officer
Francesco Giordano Co-Chief Operating Officer
Mirko Davide Georg Bianchi Group Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
UNICREDIT SPA42 258
JP MORGAN CHASE & COMPANY22.27%368 277
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD33.56%306 922
BANK OF AMERICA30.50%302 905
WELLS FARGO7.46%295 032
CHINA CONSTRUCTION BANK CORPORATION28.31%238 071