Italian Stock Market: MIB Index Shows Slight Gains Amid Mixed Performance

Mib up slightly at start, up Eni and down STM

(Alliance News) - Piazza Affari opened Tuesday's session higher, doing better than expected, with Eni pushing gains on the highest-capitalization list in the Milan market. The FTSE Mib is up 0.3 percent to 34,699.82, the Mid-Cap is up 0.3 percent to 48,649.29, the Small-Cap is up 0.2 percent to 29,360.22, and Italy Growth gives up 0.2 percent to 8,097.03. In Europe, London's FTSE 100 is down 0.3 percent to 8,172.39, Paris' CAC 40 is up slightly to 7,624.16 and Frankfurt's DAX 40 is up 0.6 percent to 18,515.87. On Milan's main list, Eni leads the gains with a 1.1 percent increase, with more than 1.3 million pieces changed hands in a few minutes. Telecom Italia rebounds with a 0.7% increase after closing yesterday's session down 4.8%. Worth mentioning that on Friday, Capital Fund Management cut its short position on the stock to 0.57% from 0.66% previously. Then the banks fared well, with BPM and UniCredit -- pending accounts -- both up 0.7%, while at the bottom it was STMicroelectronics that held back the basket, down 2.3% and nearly 800,000 shares traded. Then Iveco Group and Leonardo hurt, in the red by 1.0% and 0.8%, respectively. On the Mid-Cap, OVS falls again after ending a four-session losing streak yesterday. The fashion retailer's stock gives up 0.6 percent at the start of trading Tuesday. Maire Tecnimont--up 1.1 percent--reported Monday that NextChem, through its nitrogen technology licensor subsidiary Stamicarbon, has been selected by Linggu Chemical Co. to provide licensing and process design packages to improve the energy efficiency of an existing urea plant in China with a total capacity of 3,100 tons/day. Caltagirone leads the gains in the basket, up 2.2 percent, although trading volumes are significantly lower than the list average. Among small-cap companies, Bestbe Holding gives up 20 percent and is at the bottom of the list, followed by Netweek, down 9.1 percent, and SIT, in the red by 4.8 percent. The latter also closed down yesterday, by 3.9 percent, racking up its third session in a row that ended with a bearish candle. On the other side of the list, EPH leads the rises with a 16 percent increase and just under 40,000 pieces traded. Also doing well was Fidia, up 15 percent, while Bioera followed closely, up 8.7 percent and about 187,000 shares traded in a few minutes. On the SME basket, E-Globe rises 6.7 percent and registers one of the best performances on the list, with shares rising to EUR1.60 each. Reti is still not trading. The company announced Monday that it has subscribed, through the opening of a mandate with Simon Fiduciaria, a EUR10,000 stake in K5 Global Advisor-a venture capital company under U.S. law-which will enter the share capital of xAI. The latter, a U.S.-registered company led by Elon Musk, is a start-up working on the development of artificial intelligence to accelerate human scientific discovery. expert.ai and 4AIM Sicaf, with respective declines of 5.3 percent and 3.9 percent, closed the list. In Asia, the Nikkei closed down slightly to 39,594.39, the Shanghai Composite gave up 1.7 percent to 2,915.37, and the Hang Seng dropped 0.9 percent to 17,474.63. In New York, the Dow closed Monday up 0.3 percent to 40,415.44, the Nasdaq closed up 1.6 percent to 18,007.57 and the S&P 500 rose 1.1 percent to 5,564.41. Among currencies, the euro changed hands at USD1.0883 versus USD1.0880 in Monday's European equities close while the pound was worth USD1.2921 from USD1.2907 on Monday evening. Among commodities, Brent crude oil is trading at USD82.48 per barrel from USD82.29 per barrel on Monday's close. Gold, on the other hand, trades at USD2,390.82 an ounce from USD2,386.78 an ounce on Monday evening. On Tuesday's economic calendar, an ECB speech by Lane is scheduled at 0900 CEST while at 1200 CEST it will be the turn of the Eurogroup meeting. In the afternoon, from the US, at 1600 CEST the report on existing home sales, while at 2230 CEST it will be the turn of the report on weekly oil inventories. On Tuesday's corporate calendar, coming up are the results of Landi Renzo, Sogefi, Talea Group and UniCredit. By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter Comments and questions to [email protected] Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.

Mib expected flat amid few macro data

(Alliance News) - Piazza Affari is expected to be flat at the start of trading on Tuesday while other European stock exchanges show uneven performance. The FTSE Mib is given up just 2.5 points after closing 1.2 percent higher at 34,615.05 on Monday's session. In Europe, Paris' CAC 40 is given down 0.2 percent or 15.0 points, London's FTSE 100 is given down 0.4 percent or 34.5 points and Frankfurt's DAX 40 is expected up 0.3 percent or 48.3 points. In Milan last night, the Mid-Cap closed up 0.4 percent to 48,518.86, the Small-Cap was up 0.5 percent to 29,310.02 while the Italy Growth was up 0.1 percent to 8,110.90. On the Mib, Banca Monte dei Paschi closed ahead up 3.5 percent, with new price at EUR5.09 per share after a 0.6 percent loss on Friday evening. Strength on FinecoBank, which moved up 2.0 percent with new price in the EUR16.08 per share area. The stock touched its new 52-week high at EUR16.93 per share during the session. As Francesco Bonazzi writes in Alliance News, "the high free float and contestability put Finecobank at the center of new maneuvers to integrate networks of promoters, managers and insurers. The latest rumor concerns a possible interest from Zurich Insurance, which, according to press rumors, has reopened the dossier and is studying a possible acquisition. Rumors denied by the Swiss in the early afternoon." "A Zurich spokesperson in fact "categorically denied any interest" in FinecoBank, causing a small slowdown in the stock," the columnist explained in his column "Affari in Piazza." Good buys were also made on A2A, which was up 2.1 percent after a 1.9 percent red in the previous session. Tenaris - up 0.4 percent - reported the purchase of 1.1 million shares that took place between July 15 and 19. The shares were taken over at an average price of EUR15.5116 for a total value of EUR16.1 million. As a result of these purchases, the company holds 51.5 million or 4.4 percent of the share capital. Pirelli moved up 1.1 percent to EUR5.76 per share. Worth mentioning that on the stock Goldman Sachs cut its target price to EUR6.40 from EUR6.30. Eni fluctuated down 0.1 percent, with price at EUR14.07 per share. Stifel reported that it cut its target price to EUR14.70 from EUR17.30. Telecom Italia, on the other hand, left 4.8 percent on the parterre. Worth mentioning, Capital Fund Management on Friday cut its short position on the stock to 0.57 percent from 0.66 percent previously. On the cadet segment, OVS moved up 3.5 percent, rebounding after four bearish sessions. The company will continue with its buyback program on a regular basis, where it last bought back a total countervalue of EUR690,000 or so last week. Good performance also for Carel Industries, which moves up 2.1 percent by turning upward after two bearish daily candles. Maire Tecnimont - up 0.8 percent - reported Monday that NextChem, through its subsidiary Stamicarbon, licensor for nitrogen technologies, has been selected by Linggu Chemical Co. to provide licensing and process design packages to improve the energy efficiency of an existing urea plant in China with a total capacity of 3,100 tons/day. Buzzi, on the other hand, gave up 0.5 percent, with its price at EUR36.96 per share, following a 0.2 percent red in the previous session. On the Small-Cap, Giglio Group rallied more than 13%, with new price at EUR0.6220, on its fourth bullish candle session. The stock over the seven days shows an asset of about 64%. Piquadro is up 5.3%, after a 2.8% loss on Friday with new price at EUR2.18 per share. Purchases also prevailed on Bastogi, which is up 0.5 percent with price at EUR0.4090 after pushing up to EUR0.4320 that followed Friday evening's 0.2 percent decline. Among the bearish, numerous in the list, SIT closed down 3.9% at EUR1.47 per share, ringing its third session closed with a bearish candle. Among PMIs, High Quality Food gave up 1.7 percent, after six sessions closed with an uptrend. Networks - up 0.5 percent - announced Monday that it has subscribed, through the opening of a mandate with Simon Fiduciaria, a EUR10,000 stake in K5 Global Advisor - a U.S.-registered venture capital company - which will enter the share capital of xAI. xAI, a U.S.-registered company led by Elon Musk is a start-up working on the development of artificial intelligence to accelerate human scientific discovery. AATech in the rear marked a 5.1 percent red, in its third bearish session. Caribbean Company stepped back 2.4 percent to EUR1.02 per share, after a 3.2 percent negative balance on Friday night. In Asia, the Nikkei is up 0.1 percent to 39,644.72, the Shanghai Composite gives up 1.1 percent to 2,932.41 and the Hang Seng drops 0.8 percent to 17,499.79. In New York, the Dow closed Monday up 0.3 percent to 40,415.44, the Nasdaq closed up 1.6 percent to 18,007.57 and the S&P 500 rose 1.1 percent to 5,564.41. Among currencies, the euro changed hands at USD1.0886 versus USD1.0880 in Monday's European equities close while the pound was worth USD1.2920 from USD1.2907 on Monday evening. Among commodities, Brent crude oil is trading at USD82.33 per barrel from USD82.29 per barrel on Monday's close. Gold, on the other hand, trades at USD2,393.56 an ounce from USD2,386.78 an ounce on Monday evening. On Tuesday's economic calendar, an ECB speech by Lane is scheduled at 0900 CEST while at 1200 CEST it will be the turn of the Eurogroup meeting. In the afternoon, from the US, at 1600 CEST the report on existing home sales, while at 2230 CEST it will be the turn of the report on weekly oil inventories. On Tuesday's corporate calendar, coming up are the results of Landi Renzo, Sogefi, Talea Group and UniCredit. By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter Comments and questions to [email protected] Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.