In Piazza Affari, today’s session continues with a slight decline for the Ftse Mib which, however, has started a clear recovery from the intraday lows.
Enel brakes after three hikes in a row
Among the blue chips, two big names in the energy sector as well as the entire basket move along opposite tracks.
These are Enel and ENI, with the former down and the latter up, with an evident relative strength compared to the Ftse Mib.
Enel, fresh from three consecutive uphill sessions, after closing yesterday’s one with a rally of more than three percentage points, is now looking forward to some profit-taking.
In the last few minutes, the stock changed hands at € 4.4875, with a drop of 0.76% and over 14 million shares traded on the market so far, against the average of the last 30 days of around 24 million.
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ENI rises again in the wake of the quarterly accounts
The performance of ENI is quite different, after having closed yesterday with a rally of three and a half percentage points, today it climbs for the third session in a row.
Driven by the accounts of the third quarter, the stock gains 1.9% to 13.164 euros, with over 16 million shares traded, compared to the average of the last 30 days of approximately 13.5 million.
Goveno Meloni aims at rewriting the extraprofitti norm
Enel and ENI end up in the spotlight in the wake of the latest news from the political front.
Equita SIM analysts speak of negative indications from the speech of the new Premier, Giorgia Meloni, who, speaking to the Senate on the topic of energy, reiterated that further interventions will be covered both by the available resources, i.e. by the extra-revenue, and by the taxation of extra profits.
The norm of the latter will be rewritten to allow greater revenue, avoiding the use of new debt.
ENI and Enel: Equita SIM warns of regulatory risk
Equita SIM points out that it is not clear what the new regulation could contain, which could include a link to IRES and IRAP or the enlargement of the audience subject to possible taxation.
According to the analysts, the extension / rewriting of the extra profit regulation represents a regulatory risk for the entire energy sector, and in particular for ENI and Enel, but the analysts also cite other players such as A2A, Iren, Hera, Acea, Erg and Alerion.
Focus on possible EU gas cap for the powr generation
The European Union has instead published a non-paper on the criteria for the implementation of the price caps announced last week.
According to the indications of the document, the potential price-cap for gas destined for power generation should be set at a value that discourages consumption.
The hypothesis included is therefore 100-120 € / MWh, compared to about 50 euros in the Spanish system.
The value at the moment compares with a forward curve on 2023 of around 140 € / MWh and with the peaks of this August at 340 € / MWh.
The “electricity” price implicit in the cap is approximately 250 € / MWh therefore for the Termo technologies, which is instead compared with the 180 € / MWh cap imposed on inframarginal technologies.
The containment of energy costs is an element in favor of retailers at the moment, for the issue of the solidity of payments from customers, so it is good news for Enel, Iren, A2A, Hera and Acea.