Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.

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The main European stock markets were down in the week from the 10th to the 14th of June 2013 (Milan -3.2%, London -1.6%, Frankfurt -1.5%, Paris -1.7%), bringing year-to-date performance to +4.1% (Stoxx 600 Europe index). Investor sentiment was affected by the Central Bank of Japan unexpectedly deciding to not strengthen the liquidity injection in the market ($620 bln per year), failing also to introduce new instruments to limit government bonds’ volatility. During the week, moreover, the World Bank downgraded its global outlook bringing 2013 growth to +2.2% (January estimate was +2.4%), lower than the 2.3% achieved in 2012. Expectations on emerging markets were lowered (China +7.7% vs previous 8.4%, Brazil +2.9% vs 3.4%, India +5.7% vs +6.1%), and the Eurozone is now expected to contract by 0.6%.

Auto & Parts stock retreated (sector index -2.8%), with the main auto OEMs down by more than 4% on average. At +8.3%, the sector is still the third best performer among European equities in 2013.

Tyre stocks outperformed the sector, thanks to May market data pointing to a possible recovery in the European replacement market and a still buoyant South American market.
Pirelli closes the week up +3.2% at 9.27€, with average daily volumes at 3.2 million shares (approximately +20% vs 1 month average). Consensus target price stood at 9.4€ with 82% of analysts with a positive view on the stock (“Buy” and “Hold”).

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