Europeans up; well Marzocchi Pumps after results

(Alliance News) - The major European stock markets open higher meeting forecasts Thursday morning, in the aftermath of the Fed's decisions to raise interest rates by 25 basis points and just hours after the ECB's announcement that it will release its monetary policy decisions this afternoon at 1415 CEST.

"We expect to see another 25 basis points later in the day," comments Michael Hewson, Chief Market Analyst at CMC Markets, "but the consensus that was so prevalent earlier this year for a more aggressive rate hike is already starting to fray in the Governing Council, with Stournaras of the Bank of Greece strongly opposing the idea of more aggressive action.

"He was not the only one, however, and Italian Prime Minister Giorgia Meloni has also begun to see more explicit political opposition to further tightening, publicly criticizing the ECB over recent rate hikes. If, as expected, last night's Fed hike is the last, it is entirely possible that the ECB is also nearing the end of its rate hike cycle," the analyst concluded.

The FTSE Mib rises 0.5 percent to 29,129.77, the Mid-Cap advances 0.5 percent to 42,295.26, the Small-Cap rises 0.4 percent to 26,892.56, and Italy Growth is up 0.3 percent to 9,090.11.

In Europe, London's FTSE 100 rises with 0.2 percent, the CAC 40 opens up 0.4 percent and Frankfurt's DAX 40 is in the green is 0.1 percent.

On the highest-capitalization list in Piazza Affari, Saipem gives up 2.4 percent and ends at the bottom of the list. It reported Wednesday that it closed the first half of the year with a profit of EUR40 million compared to a loss of EUR130 million in the same period of 2022.

The positive change recorded in adjusted operating income of EUR146 million -- to EUR192 million from EUR46 million -- declined slightly due to a deterioration in the balance of tax and financial operations, partially offset by an improvement in the balance of equity investments, totaling EUR2 million.

Infrastrutture Wireless Italiane also did badly, giving up 1.7 percent after approving figures for the second quarter of the year and the first half of the year on Wednesday, which were in line with guidance.

In this period, revenues amounted to EUR471.2 million, up 13 percent from EUR417.7 million as of June 30, 2022.

Net income stood at EUR163.7 million from EUR142.0 million in the same period last year and up 15 percent.

Enel climbs 1.5 percent after reporting Wednesday that it ended the first half with net ordinary income up 52 percent year-on-year -- to EUR3.28 billion from EUR2.16 billion -- despite falling revenues.

Net income rose to EUR2.51 billion from EUR1.69 billion a year earlier or 49 percent.

Campari gives up 1.5 percent. The company reported that it ended the first half with a net profit of EUR217.6 million, up from EUR199.5 million in the same period a year earlier. Adjusted net income was EUR234.6 million, up from EUR220.6 million.

Stellantis opens up with 2.3 percent after announcing Wednesday that it posted a net profit of EUR10.92 billion in the first half of the year, up 37 percent from the first half of 2022, when it was EUR7.96 billion.

Net sales for the period amounted to EUR98.37 billion, up 12 percent from EUR88.00 billion in the same period of 2022. Adjusted operating income is EUR14.13 billion, up 11% from the first half of 2022 when it was EUR12.72 billion.

On top is Moncler with a 4.2 percent rise, followed by Hera with 2.7 percent. The company reported Wednesday that net income rose to EUR208.0 million as of June 30, up 3.1% from EUR201.7 million in the first half of 2022, with a tax rate of 27%.

In the first half of the year, Hera's revenues amounted to EUR8.3 billion compared to EUR8.9 billion as of June 30, 2022, mainly due to lower energy commodity prices and lower gas sales volumes related to the mild weather experienced in the first part of the year

On the Mid-Cap, Fincantieri opens up 1.7 percent after reporting Wednesday that it closed the first half with revenues of EUR3.67 billion compared to EUR3.51 billion in the same period last year.

Tod's gives up 2.1 percent. It reported Wednesday that in the first half of the year, total revenues amounted to EUR569.1 million, up 22 percent from EUR467.5 million in the same period a year earlier.

All of the group's brands recorded solid double-digit revenue growth in the first half of the year.

ENAV gained 0.6 percent after it, through its subsidiary IDS AirNav, a leading international company in aviation information management systems, signed a contract with Taiwan's air navigation services provider ANWS Air Navigation and Weather Services.

The five-year contract has a total value of EUR5 million.

Among small-cap companies, the Enervit Group--still not affected by trading--reported Wednesday that as of June 30 it reported a profit of EUR3.1 million, up 15 percent from the previous year when it was EUR2.7 million.

As of June 30, revenues were EUR45.1 million, up 11 percent from the first half of 2022, when they were papri at EUR40.1 million.

Fiera Milano -- in the green by 2.3 percent -- announced Wednesday that it had approved the results as of June 30, having reported a net profit of EUR25.7 million from EUR5.3 million in the same period last year.

In the first half, consolidated revenues amounted to EUR132.2 million from EUR116.2 million as of June 30, 2022.

Among the SMEs on the Italian stock exchange, Casta Diva Group opens up 3.5 percent after announcing Thursday that its value of production for the first half of the year amounted to EUR52 million, up 25 percent from EUR42 million in the same period last year.

This result, when added to the consolidated backlog as of June 30 of EUR27 million, already represents 91 percent of the production value indicated in the 2023-2025 business plan of EUR87 million.

Pattern is not yet affected by trading. The company announced Wednesday that it had finalized the acquisition of 30 percent of Dyloan Bond Factory Srl, a subsidiary in which Pattern already held 70 percent.

The agreed price, in a lump sum, is EUR4.0 million, based on Dyloan's valuation under the 2022 investment agreement.

The board of directors of Marzocchi Pompe -- up 4.8 percent -- approved preliminary consolidated figures for the first half of the year on Wednesday, reporting consolidated net revenues of EUR26.6 million, up 4.4 percent from the first half of 2022, when they were EUR25.5 million, and up nearly 16 percent from the second half of last year.

Racing Force still does not trade after reporting Thursday that it ended the first half of the year with revenues up 11 percent year-on-year to EUR37.2 million from EUR33.6 million in the same period last year.

In the second quarter alone, revenues grew 3.4 percent to EUR16.6 million from EUR16.0 million in the second quarter last year.

In New York overnight Europe, the Dow closed in the green by 0.2 percent at 35,520.12, the Nasdaq in the red by 0.1 percent at 14,127.28, and the S&P 500 finished just below par at 4,566.75.

In Asia, the Nikkei closed up 0.7 percent at 32,891.16, the Shanghai Composite closed 0.2 percent in the red at 3,216.67 and the Hang Seng was in the green 1.6 percent at 19,664.87.

Among currencies, the euro changed hands at USD1.1119 against USD1.1067 in Wednesday's European equities close while the pound was instead worth USD1.2969 from USD1.2924 on Wednesday evening.

Among commodities, Brent crude is worth USD83.60 per barrel versus USD83.19 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,980.18 an ounce from USD1,964.65 an ounce on Wednesday evening.

Thursday's macroeconomic calendar includes at 1000 CEST, from Italian household and business confidence. Also in Italy, at 1110 CEST, there will be two auctions of five- and 10-year BTPs.

The most anticipated moment of the day is definitely the ECB's announcement on rates, scheduled at 1415 CEST, followed by the lecture by the president, Christine Lagarde, half an hour later.

From the US, will come data on Gross Domestic Product, goods orders and jobless claims, all at 1430 CEST, and the Fed's balance sheet, at 2230 CEST. In the afternoon, at 1730 CEST, four- and eight-week T-Notes will be auctioned while seven-year T-Notes will be offered at 1900 CEST.

Among the companies in Piazza Affari, eyes will be on the results of Amplifon, Azimut Holding, Banca Generali, Brembo, DiaSorin, Eni, Lottomatica Group, Maire Tecnimont, Prysmian, Snam, STMicroelectronics, Terna and Webuild, among others.

By Chiara Bruschi, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.