Newsgroup: it.economia.borsa
Titolo: Chi mi da una dritta ?

Vorrei acquistare azioni per un investimento a breve o brevissimo termine,
dovo posso buttare tutto sto denaro? -- 
Lu...@netbusiness.it

MILAN, Jan 27 (Reuters) - The Italian stock market has room to climb in 1998
and will be one of Europe's best-performing markets, said Paolo Lanzoni,
managing director of Deutsche Morgan Grenfell's (DBKG.F) Italian office.
``I remain positive on the Italian market,'' Lanzoni said in an interview
with Reuters. ``The problems in southeast Asia aren't over, but the Milan
stock exchange has space to make important gains. Undoubtedly, the end of
March will be an important date, because of the decision on which countries
will join monetary union. I'm certain that Italy will join in the first
round.''
The all-share Mibtel index is up 8.5 percent since the start of the year,
touching an all-time high of 18,604 on January 19, and outperforming most
other European markets.
In terms of individual shares, banking stocks will be in focus in 1998 amid
a massive sector-wide wave of mergers and acquisitions in the run-up to EMU.
DMG is ``neutral'' on Credito Italiano (CRDI.MI) and Banca Commerciale
Italiano (BCI.MI), ``overweight'' on Istituto Bancario San Paolo di Torino
(IBSP.MI) and ``strong overweight'' on the newly-created Banca Intesa
(BAVB.MI), formed by a merger between Cariplo (
CRPL.CN
) and Banco Ambrosiano
Veneto.
Among smaller banks, DMG is overweight on Popolare Bergamo Credito Varesino,
Credito Agrario Bresciano (BREI.MI) and Popolare Novara (PNOI.MI).
On Credito Italiano shares ``we went from overweight to neutral only because
of the performance of the bourse,'' said Lanzoni. ``Credit is a valid and
well-managed bank, but in terms of share price we think it is sufficiently
valued.''
Banca Commerciale's share price is high in relation to fundamentals, he
said.
``When evaluating bank shares one needs to keep their strategic importance
in mind as well as fundamentals,'' he said. ``Strategic importance is hard
to calculate and generally becomes evident when a marriage is near.''
San Paolo shares ``can increase in value, even though the stock is quickly
reaching its target price. The bank is interesting because it is less
efficient than Credito in terms of ratios, so it has more room for
improvement,'' he said.
Banca Intesa ``has a lot to do in industrial terms, but now that it has
obtained critical mass it can consider broading the alliance,'' he said.
Smaller banks will be in focus because they are much more efficient and
profitable, and they are also looking at possible merger plans, he said.
``Popolare Bergamo has a lot of visibility, strong management and a low risk
profile,'' he said. ``The same is true for Credito Agrario Bresciano, a bank
which is also aiming to grow. Popolare Novara is interesting because 1998
should be the year of the turnaround.''
Investors should also keep a close eye on utility stocks as interest rates
fall, with Italgas (ITGI.MI) on top of the list.
guarda qua se c'è qualche titolo che ti piace
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