011228 anno 2001
BORSA ITALIANA - YEAR 2001
The attached statistics are also given on the website www.borsaitalia.it
- MIB Index: -25.1% since the end of 2000, +30.7% since the low for the year of 21 September 2001
- Capitalisation of Listed Companies: 592 billion Euro, equal to 49% of GDP
- Share Trading and Covered Warrants: 52.6 million contracts and turnover of 682 billion Euro, down more than 20% on the record levels of 2000; After Hours Trading contracts up 39%
- A new historic high for share derivatives on the IDEM: 17.1 million standard contracts (up 28% on the previous record of 2000). New records for the MiniFIB: 1.4 million standard contracts (+97%) and for Options on Shares: 8.3 million standard contracts (+43%)
- Following the 8,194 new listings and 5,435 withdrawals, at the end of the year listed covered warrants rose from 3,107 to 5,866
- 18 new companies were listed (13 on the Borsa and 5 on the Nuovo Mercato).
- On the Borsa, 37 companies (including four newcomers) joined the new STAR segment
- The MIB Index closed 2001 at a level of 22,232, down 25.1% on the end of 2000. The year's high was reached on Wednesday, 31 January (30,187, up 1.7% on the end of 2000), the low was Friday, 21 September (17,012, -42.7%). The recovery from the minimum reached after the September 11th attack was equal to 30.7% and brought the Index to a level slightly higher than that preceding the international crisis (+2.6% compared to the value on 10 September).
- The Numex Index calculated on Nuovo Mercato shares closed the year at 2,633, -45.7% compared to end of 2000 levels. The annual high was reached on Friday, 19 January (5,512, up 13.7% on the end of December 2000), and the low on Friday, 21 September (1,502, -69.0%). The recovery of the Nuovo Mercato from its yearly lows was stronger (+75.3%), and brought share prices clearly above levels preceding the international crisis (+30.4% compared to the index on 10 September).
- Regarding the MIB Index, 116 sessions were positive and 136 negative. The highest positive daily variation (+3.84%) was recorded on Friday, 28 September, while the greatest negative change occurred on Friday, 21 September (-6.15%). On the other hand, regarding end of session values for the continuous Mibtel Index, the biggest variations were recorded on Monday, 24 September (+7.07%) and Tuesday, 11 September (-7.42%): in both cases, these were the widest fluctuations since calculation of the continuous index began in 1994.
- With reference to the Numex Index - regarding Nuovo Mercato shares - 108 sessions were positive, 141 were negative and 3 were unchanged. The highest positive daily variation was recorded on Thursday, 11 October (+10.88%), while the greatest negative change was on Wednesday, 3 January (-8.85%). Whereas, regarding end of session values for the continuous Numtel Index, the biggest variations were recorded on Monday, 19 November (+8.83%) and Tuesday, 11 September (-8.98%). However, in both cases, the values were far from the widest fluctuations recorded in 1999 and 2000.
- During the course of the year, volatility was affected by a relatively quiet initial phase (January-August), followed by a sudden upswing triggered by the September 11th attacks and the return to more normal values in November. Compared to 2000, the annual figure rose from 19.3% to 21.9% for the Borsa MIB Index, while the Nuovo Mercato Numex Index fell from 68.2% to 44.3%.
EXCHANGE INDICES AND SECTORS
- At a macro-sector level, the trend was differentiated, with Industrials holding their levels (-15.0%) better than Services (-26.0%) and the Financial Market (-28.9%). The index for the new STAR segment, launched at the beginning of April for quality SME - limiting its drop with respect to the end of 2000 to 9.1% - showed a better trend than the general index.
- Among the sectors of significant size (at least 1% of capitalisation), the only positive one was Mining, Metals and Oil (+0.8%), while the biggest falls were recorded by Media-Publishing (-51.3%) and Chemicals (-37.8%).
- The continuous indices had a homogeneous trend, with the Mibtel (-24.6%), the Mib30 (-26.2%) and the Midex (-24.8%) all close to the Mib (-25.1%).
- At the end of December the overall capitalisation of national companies listed was around 592.3 billion Euro (818.4 at the end of 2000, 726.6 at the end of 1999 and 485.2 at the end of 1998), equal to 48.5% of GDP (70.2% at the end of 2000, 65.6% at the end of 1999 and 45.2% at the end of 1998).
- In detail, capitalisation was equal to 575.0 billion Euro for the Borsa, (790.3 at the end of 2000), 12.5 for the Nuovo Mercato (22.2) and 4.9 for the Mercato Ristretto (5.9).
- Regarding the Borsa, in the macro-sectors ranking, the Financial Markets (down to 38.9% of the total from 42.4% the previous year) maintained leadership by a narrow margin over Services (up from 37.0% to 38.5%) and Industrials (recovering from 20.6% to 22.6% of the total).
- Total trading of shares and covered warrants reached 52.6 million contracts and 682 billion Euro, down 23% and 25% on the corresponding 2000 values.
- Regarding the entire electronic share system, share trades on the Borsa represented 68.4% of contracts and 92.8% of total turnover, the Nuovo Mercato 13.0% and 2.8%, and covered warrants 11.5% and 2.9%.
- Borsa (daytime session) - daily average share trades equal to 142,824 contracts (-27.9%) and 2.51 billion Euro (-23.6%).
- The highest number of daily trades was reached on Friday 21 September for the Borsa (the expiry day for IDEM derivatives) with 275,738 contracts and 4.91 billion Euro in turnover.
- The most liquid month was September (daily average of 202,935 contracts and 3.03 billion Euro in turnover).
- The concentration of trades on Mib30 shares was equal to 81.8% (75.8% in 2000) in terms of turnover and 68.5% (61.0% in 2000) in terms of contracts.
- Nuovo Mercato (daytime session) - daily average trades equal to 76.7 million Euro (114.6 in 2000, 25.4 in 1999).
- The most liquid month was January (daily average of 58,500 contracts and 190.4 million Euro in turnover), followed by November and October.
- The daily trading high was reached on Friday, 19 January with 161,777 contracts and 569.4 million Euro in turnover.
- Total trades (daytime session) of 6 million contracts (-22.0%) and 20.0 billion Euro in turnover (-34.1%), with daily averages equal to 23,997 contracts and 79.3 million Euro, respectively.
- Following the 8,194 new listings and 5,435 withdrawals, the total number of listed covered warrants reached 5,866 at the end of the year. At the end of August, before the seasonal flow of withdrawals that characterised the last quarter, the total number of MCW instruments reached the record level of 7,420.
AFTER HOURS TRADING
- Launched on 15 May 2000, Borsa Italiana's after-hours trading represented the first example of a market regularly operating during the evening hours. In 2001, thanks to the positive trends of the first and fourth quarters, trades grew by 39% with reference to the number of contracts, while remaining substantially steady in terms of turnover (conditioned by the significant drop in share prices). The average number of daily contracts traded rose from 5,781 for 2000 to 7,865 for 2001 (3,069 for Borsa shares, 2,385 for the Nuovo Mercato and 2,411 for covered warrants). The turnover of daily trades went from 25.5 to 24.4 million Euro (16.0 for Borsa shares, 5.1 for those of the Nuovo Mercato and 3.3 for covered warrants).
- Compared to the daytime session, distribution across the various financial instruments revealed a greater focus on Nuovo Mercato shares (30% of contracts and 21% of turnover) and covered warrants (31% of contracts and 14% of turnover).
- The indicator of trading intensity with respect to the daytime session rose from 10.8% in 2000 to 15.5%, with reference to contracts, and from 3.1% to 3.4%, with reference to turnover.
- During the year, new historic highs were set both for average number of daily contracts (November, 12,350) and for turnover (January, 41.3 million Euro). A new high for contracts traded in a single session (20,623) was reached on Monday, 19 November and the annual high for turnover on Wednesday, 3 January (75.3 million Euro, below the historic high of 90.1 recorded on 28 July 2000).
- Comparison with transactions concluded in the same time slot on organised exchange systems (SSO) or directly by authorised brokers shows the prominence of Borsa Italiana after-hours trading where, in 2001, 98.8% of contracts for Italian shares and 97.7% of contracts on covered warrants were concluded.
- Government securities listed went from 128 to 117, following 53 admissions and 64 withdrawals, whereas bonds fell from 466 to 416 (41 admissions and 91 withdrawals). 9 new bonds were listed on the EuroMOT, the market established in 2000 for eurobonds and asset-backed securities, bringing the total of listed securities - net of the single withdrawal recorded - to 21.
- Nominal capital quoted at the end of the year went from 976 to 999 billion Euro for government securities (+2.3%) and from 70.5 to 71.4 billion Euro for bonds (+1.3%). The nominal value of EuroMOT bonds was equal to 31.7 billion Euro (up 73.9% on the previous year).
- In 2000, transactions in government securities continued a downward trend, going from 142 to 126 billion Euro, with a daily average falling from 559 to 500 million Euro (-10.5%). Bond transactions were also slightly down, going from 12.1 to 10.0 billion Euro, with a daily average falling from 48 to 40 million Euro (-16.5%).
- EuroMOT transactions rose sharply - especially in the last two months - from 245 to 964 million Euro, with a daily average up from 1.0 to 3.8 million Euro (with figures above 7 million in November and December).
- A record for the overall number of standard contracts: 17.1 million in total, with strong growth in the miniFIB and share options. Notional turnover at 1,181 billion Euro (-14.6% ).
- The daily average of standard contracts went from 52,491 last year to 67,784; that of notional turnover - which was affected by the drop in share prices - from 5.45 to 4.69 billion Euro.
- Mib30 Index futures recorded decisive growth in terms of standard contracts, with the daily average going from 16,769 to 18,390. On the other hand, the notional turnover, influenced by a decline in the Index level, was steady at an average of 3.29 billion Euro (3.88 in 2000). In September, also characterised by the quarterly due date, liquidity increased, with a daily average of 29,376 standard contracts and 4.24 billion Euro in notional turnover.
- The miniFIB, launched in July 2000, showed strong growth both in standard contracts (daily average from 2,822 to 5,556, +97%) and notional turnover (from 132 to 196 million Euro, +48.2%), establishing new daily records several times during September and October.
- Trading in Mib30 Index options was substantially steady in terms of standard contracts, with a daily average of around 10,781 (11,189 in 2000). The fall in prices determined a reduction in notional turnover, whose daily average fell from 1.27 to 0.98 billion Euro. September was the most liquid month even in this case.
- Trading of share options saw strong growth in the number of standard contracts, with the daily average going from 23,113 to 33,054 (+43%). As in the case of other instruments, the decline in share prices influenced the trend of notional turnover, whose average remained substantially at 2000 levels (from 234 to 223 million Euro). The most liquid months for share options were May and April, with daily averages of 58,009 and 50,177 standard contracts. On Tuesday, 22 May, a new record was reached for trades in a single session, with 222,151 standard contracts and 1,234 million in notional turnover. Growth during 2001 strengthened the leadership of share options as the most traded instrument on the IDEM, representing 49% of standard contracts traded (44% in 2000).
- The year 2001 saw a slight drop in the number of companies listed on Borsa Italiana markets, down from 297 at the end of 2000 to 294: 237 on the Borsa (from 242), 45 on the Nuovo Mercato (from 40) and 12 on the Mercato Ristretto (from 15). The listing of 13 new companies on the Borsa was accompanied by 18 withdrawals (in six cases due to incorporation into already listed companies, and in twelve cases, by withdrawals from listing after takeover bids). Five new companies were listed on the Nuovo Mercato and three withdrawn from the Mercato Ristretto. Also, the ordinary shares of IFIS were admitted to the Mercato Ristretto following the conversion of previously listed preference shares (which were withdrawn).
- The 18 admissions of this year brings the number of newcomers to Borsa markets in the last four years (i.e. since Borsa Italiana Spa has been operative) to 125, a higher number than that (101) recorded in the previous ten years.
- All 18 new listings were preceded by a placement of shares with the public. In four cases (B iesse, Granitifiandre, Juventus and Negri Bossi) the companies were admitted to the new STAR segment established for quality Italian SME; in three cases (Campari, Lottomatica and SNAM Rete Gas) to the Borsa blue chip segment; in five cases (PCU Italia, Datalogic, Algol, IT Way and Esprinet) to the Nuovo Mercato; and in six cases (Acegas, I Viaggi del Ventaglio, Air Dolomiti, Amplifon, Giacomelli Sport and De Longhi) to the Borsa ordinary segment.
- The 21 withdrawals were determined in six cases by incorporations into already listed companies (Ansaldo Trasporti into Finmeccanica, Banca Commerciale Italiana into Banca Intesa, which took the name Intesa BCI, Bassetti into Zucchi, Cementeria di Barletta into Cementeria di Augusta, which took the name Unimed, INA into Generali and Tecnost into Olivetti), in 14 cases following takeover bids (Aeroporti di Roma, Allianz Subalpina, Banca di Legnano, Credito Fondiario e Industriale, Falck, Gruppo Buffetti, Immobiliare Metanopoli, Italfondiario, Simint, Safilo, Sondel and Toro for the Borsa, and Banca Popolare di Crema and Italiana Assicurazioni for the Mercato Ristretto), whereas in one case (Vauban, formerly Fempar and suspended in May 1999) withdrawal was determined by the lack of requisites for listing. The ordinary shares of Banco di Napoli were also withdrawn after a takeover bid, while its savings shares remain listed. And lastly, the savings shares of Recordati e Risanamento Napoli were withdrawn after their conversion into ordinary shares.
- The STAR segment, launched at the beginning of April for quality Italian SME, saw 37 companies join, four of which being new listings. During the course of 2001, the segment was characterised by appreciable levels of liquidity, and its specific index, the Mib-Star, performed relatively better than the general index with more contained levels of volatility: 16.2% on an annual basis, compared to 21.9% for the general index, 27.0% for the Mib30 and 44.3% for the Numex.
18 placements for the purpose of listing, for a total of 3.8 billion Euro.
An additional 2 placement operations, for a total of 3.1 billion Euro.
18 capital increase operations by payment, raising 7.6 billion Euro.
184 operations redenominating share capital in Euro.
- In 2001, listed companies carried out 18 capital increase operations by payment (13 on the Borsa, four on the Mercato Ristretto and one on the Nuovo Mercato), enabling listed companies to raise 7.6 billion Euro, about double that raised the previous year. The largest operations (which raised just under 80% of the total) were carried out by Olivetti in February-March and November. Among other operations, important amounts were raised by Banca Popolare di Milano (466 million Euro) and Banca Popolare di Lodi (227). These were followed by operations for lesser amounts carried out by other companies listed on the Borsa (including Interbanca, Investimenti Immobiliari Lombardi and Bayerische Vita), the Nuovo Mercato (ePlanet) and the Mercato Ristretto (Banca Popolare di Sondrio, Elios Holding, IFIS and Borgosesia). The average size of operations with payment (influenced by the size of the largest) was equal to 423 million Euro (200 in 2000), with a median of 92 million Euro (in line with that of 2000, equal to 83). Alongside operations with payment, there were also 7 free operations and 184 capital operations concerning redenomination of share capital in Euro.
- The 20 placement operations raised 7.0 billion Euro, of which 6.9 on the Borsa and 0.1 on the Nuovo Mercato.
Mainly concerning Initial Public Offerings (18 cases, 13 of which on the Borsa and 5 on the Nuovo Mercato), the placement operations were also used for the ENI institutional tranche and for the capital increase without option rights for the Banca Popolare Commercio e Industria. The biggest operations in turnover, placed in 2001 were - for the Borsa - the ENI institutional placement (2.7 billion Euro), the OPS Banca Popolare Commercio e Industria (0.4) and the public offerings for the purpose of listing by SNAM Rete Gas (2.2 billion Euro), Campari (0.4) and Lottomatica (0.2), while the Nuovo Mercato was characterised by operations for limited amounts (the largest being the Datalogic IPO, which raised 61 million Euro).
In 20 operations, the sale only method was used three times (OPV, with private placement only, in the case of ENI), in eight cases only by subscription of new shares (OPS) and in the remaining nine cases, the mixed OPVS method.
- Shares purchased by retail investors represented 21% of the total amount raised in public offerings for the purpose of listing new companies, compared with 74% for foreign and Italian institutional investors and 5% reserved for employees and other subjects.
- As in 2000, a significant level of the capital raised on admission to listing - 57% - came directly from the companies listed. The remainder came from shareholders who disposed of their shares. The figure is even higher when considering only those companies that were listed on the Nuovo Mercato (95%).
20 takeover bids were carried out in 2001, returning 5.9 billion Euro to the market.
- During the course of the year there were 20 takeover bid operations for a total of 5.9 billion Euro. Considering the value of the operations, they were the third largest (after the 55.5 of 1999 and the 12.2 of 2000) since 1992 when compulsory takeover bids were introduced into the Italian regulatory system.
- The principal operations of 2001 were the two takeover bids launched in the summer by Italenergia for Edison (2.5 billion Euro) and Montedison (2.5 billion Euro). Significant amounts were also reached by the takeover bids by Banca Popolare di Milano for Banca di Legnano (350 million Euro), Programma 2002 for Safilo (161) and Giorgio Armani Spa for Simint (114, followed by a residual of 18).
Milan, 28 December 2001