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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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PEERS & MARKETS

European stock markets were again positive in the week from 10 to 14 September 2012 (Milan +3.2%, London +2.1%, Frankfurt +2.7%, Paris +1.8%, Madrid +3.4%) supported by the positive macroeconomic newsflow.

The German Constitutional Court ratified the ESM (with a financial commitment of up to 190 €bln) and the Federal Reserve Governor, mr Bernanke, launched a third round of Quantitative Easing in order to improve employment in the United States (Mortgage Back Securities purchase without preset limits – first tranche of up to 40$bln). The Fed also reiterated its commitment to keep official interest rates near zero until mid 2015 (0.25% the current level).

Auto&Parts sector marked the best performance in Europe (+5.6% Stoxx Auto) driven by Audi and Volkswagen good car sales in August and positive newsflow on Chinese market.

Pirelli ended the week at € 9.37 with an increase of 4.6% and an average daily trading volume of about 3 million pieces. The stock has benefited from the upgrade of Societe Generale who brought the target price to 10.4 € (from 8.7€, Buy confirmed): following the broker, Pirelli fundamentals remain solid and 2012 objectives can be reached despite the difficult market environment. The consensus price target stands at 10.5 € with 75% of the coverage with Buy recommendation.

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PEERS & MARKETS

The main European stock Exchanges were up in the week from the 4th to 8th of June 2012 (+5.5% Milan, Frankfurt +1.3%, London +2.6%, +3.4% Paris). The market sentiment benefitted from the statements of the ECB Governor about the availability of the Institution to provide unlimited liquidity to the banking sector through January 2013. Trading was also supported by the successful auction of Spanish Bonos (7 June, demand exceeding supply 3.3 times) and by the cutting of interest rates in China to 3.25% from the previous 3.50% (first cut since 2008 ).

The newsflow about monetary policies pushed Bank stocks. The European Sector Index was up 7%.

After a weak start due to fears of macroeconomic downturn, the Auto & Parts sector recovered to a final +0.6% (Stoxx Auto).

Pirelli ended the week at €7,965, 2.8pp better than the sector. Just over 2.8 million the average daily trading volume.


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