031208_sintesi novembre eng

In November, the Mib index was characterised by an almost continuous growth phase in which it set new highs for the year on several occasions and closed the month, in the final session on Friday 28 November, with a new high of 19,545, up by 3.9% on October (+15.3% on the end 2002 figure and +31.4% on the low for the year recorded on 12 March).

The Nuovo Mercato index, also on Friday 28 November, reached a new high for the year of 1,787, representing a monthly rise of 12.4% (+36.6% on end 2002 and +60.4% on the low for the year on 12 March).

The continuous indices - all reaching their annual highs - grew at substantially similar rates: Mibtel +3.9% compared with the month of October (+15.0% on end 2002), S&P/Mib (which was rebased during the month and achieved levels similar to the Mib30) +4.6% (+15.5%), Mib30 +3.8% (+12.9%) and Midex +5.4% (+28.7%). The MibSTAR index confirmed its anti-cyclical nature by recording a slightly negative performance in November (-0.2%) but has still maintained growth of +11.5% with respect to the end of 2002.

In Europe, the Italian market achieved the best results, outperforming the German (+2.5%), Swiss (+2.0%), Spanish (+1.7%), French (+1.5%), British (+1.0%), Dutch (+0.6%) and Swedish (-0.5%) markets.

The three macrosectors achieved similar performances in November: Financial +4.6%, Services +4.2% and Industrial +2.7%, which, compared with the end of 2002, represented a rise of +26.1% for Financial, +11.5% for Services and +4.0% for Industrial. Of the main sectors (representing at least 1% of the capitalisation), the performances of note were, on the one hand, Financial Holding Companies (+8.6%), Banks (+4.9%) and Transportation-Tourism (+4.8%) and, on the other hand, Plant-Machinery (-2.2%) and Auto (-0.3%). Compared with the end of last year, the most significant changes were seen, on the one hand, in Transportation-Tourism (+38.0%) and Banks (+33.1%) and, on the other, in Minerals-Metals-Petroleum (-6.0%) and Plant-Machinery (-3.3%).

Those S&P/Mib index shares that achieved the best performance in November were E.Biscom (+35.8%), Pirelli & C. (+18.7%), Tiscali (+14.6%), RCS Mediagroup (+13.2%) and Banca Popolare Milano (+13.1%) whilst those recording losses included Parmalat Finanziaria (-12.9%), Seat Pagine Gialle (-3.8%) and Banca Fideuram (-2.6%). Compared with the end of 2002, positive figures have been turned in by Capitalia (+120.3%), E.Biscom (+94.1%), Bnl (+86.5%) and Bulgari (+74.6%) whilst those posting negative results are Fiat (-8.0%), Eni (-6.3%) and Saipem (-4.1%).

The increase in share prices boosted the capitalisation of national listed companies in November, which rose from €468.0 billion at the end of October to €487.6 billion (representing 37.6% of GDP and higher than the figure of €458.0 billion posted at the end of 2002). In detail, a breakdown of the markets shows the Stock Exchange with a figure of €473.9 billion, the Nuovo Mercato at €9.0 billion and the Mercato Ristretto (since 1 December "Mercato Expandi") at €4.7 billion.

Eni proved to be the listed share with the highest capitalisation (€56.7 billion), followed by Tim (36.4), Enel (32.3), Generali (26.6), Unicredito Italiano (26.4) and Telecom Italia (24.6).

November saw the start of trading for Isagro and Trevisan, both of which had completed their respective placement operations at the end of October, and on Tuesday 25th, Saiag (ordinary and savings shares) was delisted following a residual takeover bid.

The number of listed companies is 280: 225 on the Stock Exchange (including 6 foreign companies), 44 on the Nuovo Mercato (2 foreign) and 11 on the Mercato Ristretto ("Mercato Expandi", since 1 December).

Following 180 admissions and 36 delistings, the number of instruments listed on the MCW rose from 2,290 to 2,434.

In November, two takeover bids were completed: Banca Popolare Lodi's voluntary takeover bid for Banca Popolare Cremona, in which 94.8% of the shares requested were handed over, in a transaction worth €636.9 million, bringing the stake owned by the bidder to 94.8%, and Cortiplast's residual (voluntary for the savings shares) takeover bid for Saiag, in which 83.1% of the ordinary shares requested and 40.3% of the savings shares were handed over, representing values of €3.7 million and €1.5 million respectively, bringing the stake owned by the bidder to 84.7% of the ordinary shares (98.9% if account is also taken of the contribution of other associated parties) and to 86.0% of the savings shares (91.5% if account is also taken of the contribution of other associated parties).

In November, trading in shares (average of 174,100 contracts and €2.89 billion a day) increased in comparison with the previous month (+17.8% for contracts, +10.4% for turnover).

In the period January-November, the daily average was 151,400 contracts and €2,69 billion. In detail, in November the daily average was 155,700 contracts and €2.78 billion for shares listed on the Borsa and 18,100 contracts and €115.9 million for Nuovo Mercato shares. The increase in trading volumes - particularly significant in the second half of the month - brought trading in Nuovo Mercato shares to its highest level since November 2001.

The average size of stock contracts (Borsa, daytime trading) fell to the lowest levels recorded in the last twelve months, decreasing from €19,000 in October to €18,100. However, the average size of daytime trades in Nuovo Mercato shares grew considerably from €4,500 to a new all-time high of €6,500.

STMicroelectronics was the most traded share in the month in terms of turnover, with 13.3% of total trading, followed by Tim (10.2%), Eni (7.2%) and Enel (6.3%) and Telecom Italia (6.3%).

Trading in covered warrants also grew, following on from the record achieved in October, with a daily average turnover of €54.6 million and an average of 18,200 contracts per day. In the period January-November, the daily average was 17,600 contracts and €42.1 million.

After hours trading consolidated the already impressive levels achieved last month, reaching a new historical high in terms of turnover, with a daily average of €47.4 million (+33.6% on October and +0.6% on November 2002, the previous historical high) and 6,600 contracts (+35.4% and -36.3%). The intensity of trading activity compared with daytime trading increased both in terms of turnover (5.7%) and contracts (13.9%). In the period January-November, the daily average was a turnover of €30.2 million and 5,200 contracts (+7.1% and -25.6% on the corresponding period in 2002).

ETFs, traded since the end of September 2002, recorded a daily average in November of 572 contracts (+122.6% on October) and €11.1 million (+53.3%), setting a new historical high. This increase was brought about by the admission to trading, on Thursday 12 November, of the new ETF on the S&P/Mib index, which in the month traded a daily average of 388 contracts and €5.8 million. The average size of contracts fell from €28,300 to the new historical low of €19,500, confirmation of the growing participation of retail investors.

With regard to trading on the MOT, Government securities recorded a turnover of €593 million (second best result for the year, +20.7% on November 2002) and €29.6 million (-0.7%) for private bonds. In the period January-November 2003, the daily average for trading in Government securities was €532 million, whilst the average for private bonds was €35.7 million. The EuroMOT recorded a daily average of €13.1 million. In the period January-November 2003, average daily turnover was €14.7 million, +58.5% compared with the corresponding period last year.

Trading in equity derivatives on the Idem showed growth overall in November, with various performance levels recorded by the individual instruments. Futures on the Mib30 recorded a daily average of 12,600 standard contracts whilst the miniFIB achieved an average of 7,300 standard contracts a day and options on the Mib30, an average of 10,800. Trading in stock futures was stable with an average of 1,200 standard contracts per day whilst stock options increased to an average of 33,000 standard contracts. In aggregate terms, the monthly figure of 65,000 standard contracts per day reflects an increase of 5.0% on the previous month.

In the period January-November, the daily average of the Idem was 71,300 standard contracts, an increase of 4.9% on the corresponding period in 2002. In the same period, the miniFIB (10,500, +26.5%), stock futures - traded since July 2002 - (1,900, +231.4%) and stock options (31,800, +5.3%) have recorded growth whilst futures on the Mib30 (17,100 standard contracts a day, -11.0%) are down and options on the Mib30 (10,100 and -0.6%) are stable.

Milan, 8 December 2003