021009 sintesi settembre





During September, the equity market was characterised by a recovery of trading volumes

reaching levels similar to those of the preceding month of August. The increase in the trading of Eurobonds brought EuroMOT contracts to new historic highs. On September 19, the miniFIB broke its previous record for the number of contracts in a single session.


Trend of the indices

In September, the Mib Index recorded a significant drop - reaching a new low for the year of 15,585 points on Tuesday the 24th - and closing the month at 15,663, a loss of 14.1% compared to the end of August (-29.6% since the end of 2001). Excluding that of September 2001 (-16.4%), it was the largest drop since August 1990 (Iraq's invasion of Kuwait).

The Nuovo Mercato's Numex index recorded a decline of 24.4% (-56.8% compared to the end of 2001).

The continuous indices have demonstrated a monthly trend similar to the corresponding daily indices, with the Mibtel at -14.5% and the Numtel at -23.9%. The blue chip indices were characterised by a more marked decline than the general index: during the month, the Mib30 lost 15.7% (-33.1% compared to the end of 2001) and the Midex, 17.0% (-21.9%).

The STAR segment continued to outperform the market . On September 30th the MibSTAR index was at 822, a decline of 8.4% compared to the previous month and 9.6% compared to the end of 2001.

All three of the Borsa's macro-sectors closed September with negative performance (Financials -17.7%, Industrials -12.1%, Services -10.4%).In comparison to the end of 2001 the Industrials recorded a variation of -17.3%, Services of -25.9% and Financials of -36.1%.

All the principal sectors (equal to at least 1% of capitalisation) showed negative monthly variations; in particular, Electronics (-21.0%) and Insurance (-19.4%). The only sector to remain positive compared to the end of 2001 was Plant and Machinery (+3.3%), Mining contained its loss (-1.7%), but the outstanding losers were Insurance (-45.6%) and Automotive (-41.4%).

Volatility returned to elevated levels, settling at 29.4% for the Borsa and at 36.7% for the Nuovo Mercato. The STAR segment remained contained (13.9%).



Capitalisation and price list

The decline in share prices reduced the capitalisation of the listed domestic companies, going from €495.5 billion at the end of August to 428.9 (equal to 34.3% of GDP). The market allocation saw the Borsa at €418.9 billion, the Nuovo Mercato at 5.4 and the Mercato Ristretto at 4.5.

In September, Bonaparte securities were withdrawn (ordinary and savings shares) following the merger with Risanamento Napoli, and Idra Presse, the result of a residual take-over bid. The savings shares of Premuda were also withdrawn.

The number of listed companies on the equity markets of Borsa Italiana is, therefore, 293, one less than at the end of 2001. Five of the companies are foreign, 45 float on the Nuovo Mercato (one foreign) and 12 on the Mercato Ristretto.

Following 482 admissions and 1,690delistings, the number of instruments listed on MCW declined from 6,577 to 5,369, below the level of the end of December (5,866).



In September, share trading (157,000 trades and €2.38 billion per day) experienced a recovery after August's seasonal decline. For shares listed on the Borsa, the daily average was 148,000 trades and €2.36 billion (+22.2% and +35.7% compared to August).

Tim was again the most traded share forturnover (14.0% of total), followed by Eni (12.8%) and Telecom Italia (8.5%).

The average trade size continued to grow despite declining prices During the daytime session, the Borsa increased from €14,646 in August to €16,205 in September.

Covered warrants number of trades remained stable (daily average 20,100, -0.3% over August) accompanied by an increase in turnover (daily average €58.9 million, +16.9%).

After hours trading also remained stablecompared to August when the daily average went from 6,067 to 5,935 trades (-2.2%) and from €25.6 to 24.6 ML of turnover (-3.9%).

The volume of trading in the fixed-income securities of the Mot also experienced a recovery. For government securities, the daily average rose from €471 to 602 million (+27.8%) and for private bonds, from €20.8 to 32.5 million (+55.6%).

With 370 trades and €12.7 million per day, the EuroMOT reached a new historic high, exceeding the record set last August.

Also the volume of trading in the equity derivative of IDEM, which was affected by the technical expiration of index derivatives, showed a recovery. Mib30 futures recorded a daily average of 23,287 standard contracts (+53.8% compared to August and the highest figure since September 2001); the miniFIB volume was 9,839 (+16.1%, with a monthly average second only to last July's record high); and Mib30 options were 14,781 (+57.8%, the highest figure since September 2001); and options on shares were 29,023 (+22.5%). Trading of single stock futures, launched at the end of July, reached a total of 6,271 standard contracts, with an increase of 11% over the previous month.

On Thursday September the 19th, coinciding with the rollover connected to the next day's expirations, the miniFIB reached a new historic record for the trading activity in a single session, with 16,193 standard contracts. This exceeded the previous level of 15,080 established last 16 July. On the same date, 50,368 standard contracts for Mib30 futures were traded, a new high for 2002.



Milan, 9 October 2002

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