Evident signs of recovery on the international financial markets in the week 5 to 9 July, with rises of up to 10 percentage points, particularly in the finance sector. Buying has been fuelled by leaks about the stress tests of the European Union on the major banking groups, which should not show deficits (+9.6% European bank index), higher global growth forecasts for 2010 from the IMF (4.6%, compared to the previous figure of 4.2%), and the ECB decision to not change the lending rate.
Pirelli closed the week at €0.477, a rise of 7.4%, clearly outperforming the sector index (+2.2 percentage points compared to DJ Stoxx Auto). Trading volumes were lower (35 million shares, about half the daily average of the last three months), but in line with the overall dynamics of the market. The buy recommendation on the share by a majority of analysts was confirmed (83% Buy). The consensus target price was stable at €0.53.
Pirelli RE recovered decisively, rising to €0.36, with market performance of 11.6%, the best in the Italian Real Estate sector.