Mib above 34,500 area; wait on macro and BoE

(Alliance News) - On Thursday, major European stock markets confirmed expectations and opened in strongly positive territory, following the release of some macro data in Europe and as markets digest the monetary policy decision by the Fed. Eyes are now on the Bank of England.

Thus, the FTSE Mib opens in the green by 0.6 percent to 34,511.49, the Mid-Cap picks up 0.4 percent to 47,441.81, the Small-Cap is in the green by 0.2 percent to 27,583.86, while Italy Growth is up 0.5 percent to 8,202.29.

In Europe, Paris' CAC 40 is in the green by 0.8 percent, London's FTSE 100 is up 1.1 percent, and Frankfurt's DAX 40 is up 0.8 percent.

In macroeconomic news, new car sales in the EU rose 10.1 percent in February from the same month a year earlier to 883,608 units.

Among the four major EU markets, France saw a 13 percent increase, as did Italy, registering double-digit growth, followed by Spain up 9.9 percent and Germany, up 5.4 percent.

From Japan, preliminary data released Thursday showed the private sector posted stronger growth this month as price pressures intensified.

Bank au Jibun's flash composite purchasing managers' index, which measures services and manufacturing together, rose to 52.3 points in March. It had approached the neutral 50-point mark in February, standing at 50.6 points.

Back in Milan, on the Mib, on the heels of European registration data, Stellantis -- in the green by 1.7 percent -- reported that sales in February were up 11 percent over February 2023, with market share rising to 18.7 percent in February from 18.5 percent in February 2023.

Poste Italiane -- in the green by 0.4 percent -- unveiled its new strategic plan to 2026 on Wednesday, which calls for growth in investments and estimates rising revenues and profits over the plan's span. The dividend is expected to be no less than EUR1.00 from 2026 while revenues are expected at EUR13.5 billion in 2028, with average annual growth of 3 percent. Operating income is forecast at EUR3.2 billion, with CAGR of 4%, and net income is expected at EUR2.3 billion at the end of the plan, with annual growth of 4%.

Down goes Terna, in the red by 0.6 percent. Goldman Sachs raised its target price to EUR7.95 from the previous EUR6.65. The company also reported that Moody's confirmed its 'Baa2' long-term rating on the company, with a Stable outlook.

Worst performing was Nexi, down 2.5 percent, preceded by Banca Popolare di Sondrio, down 1.1 percent.

On the cadet segment, ENAV rises 6.2% after announcing Thursday that it closed 2023 with a consolidated profit of EUR112.7 million from EUR105.0 million as of December 31, 2022.

The company said it had proposed a dividend of EUR0.23 per share from EUR0.1967 in 2022.

Revenues grew to EUR1 billion in the period from EUR944.3 million in 2022.

Fitch Ratings announced Wednesday that it had upgraded Acea's outlook -- up 0.3 percent -- from Negative to Stable, confirming the long-term issuer default rating at 'BBB+'.

In addition, the rating agency confirmed the short-term IDR at 'F2' and the long-term senior unsecured rating at 'BBB+'.

The improved outlook reflects Acea's good financial performance recorded in 2023, careful working capital management, and net debt-to-Ebitda ratio in plan arc expected not to exceed 3.5 times.

On the Small-Cap, doValue rises 1.9 percent after approving preliminary results as of Dec. 31 on Thursday, closing with a net loss, including nonrecurring items, of EUR17.8 million, compared to a EUR16.5 million profit in 2022.

The company also approved the plan to 2026, which forecasts gross revenues in the range of EUR480-490 million, of which 35-40% are non-NPL.

Gross Book Value in 2026 is expected to be about EUR110 billion with a funding rate of about 5.5%; ex-NRI Ebitda is given in the range of EUR185-195 million, with an Ebitda margin of about 39%.

LVenture Group rises 3.0%, after announcing Wednesday that it closed 2023 with a loss of EUR3.2 million, worsening from a loss of EUR2.7 million as of Dec. 31, 2022.

Revenues for the period amounted to EUR6.3 million from EUR6.5 million in 2022.

FILA -- in the red by 2.2 percent -- on Tuesday reported that it ended 2023 with consolidated revenues of EUR779.2 million from EUR764.6 million as of Dec. 31, 2022. Normalized net income in the period was EUR40.6 million from EUR42.8 million in 2022. The company said it has proposed to distribute a dividend of a maximum total amount of EUR6.1 million, confirming that of EUR0.12 per share in 2022.

Among SMEs, Altea Green Power rises 6.5 percent after announcing Thursday that a co-development agreement for electricity storage systems "BESS Storage" was signed with a major North American investment fund specializing in alternative energy.

The value of the sale is over EUR68 million plus a success fee of up to EUR15 million that will be defined in relation to the achievement of performance ratios agreed between the parties, the company explained in a note.

Growens rises 1.0 percent, rewarded by good 2023 accounts. The company ended last year with a net profit of EUR53.2 million, compared to the EUR2.5 million red booked in 2022, "as a result of the extraordinary divestment operations carried out in 2023."

ELES Semiconductor Equipment rises 10 percent after it announced Wednesday that it has signed an agreement with Manakin Enterprise Private Limited, a subsidiary of IHE for distribution in the Indian market of Eles solutions aimed at semiconductor reliability testing.

Impianti rises 6.7 percent after it announced Wednesday that it has been awarded a framework agreement related to a tender lot for the supply and installation of Ledwall systems, the company's share of which is EUR2.1 million.

In Asia, the Nikkei closed up 2.0 percent, the Hang Seng advanced 1.9 percent, and the Shanghai Composite finished 0.1 percent in the red.

In New York, the Dow closed up 1.0%, the Nasdaq rose 1.3%, and the S&P 500 advanced 0.9%.

Among currencies, the euro changed hands at USD1.0903 against USD1.0857 recorded in Wednesday's European stock close while the pound was worth USD1.2790 from USD1.2717 on Wednesday evening.

Brent crude is worth USD86.33 per barrel versus USD85.78 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,204.80 an ounce from USD2,157.09 an ounce on Wednesday evening.

Thursday's macroeconomic calendar includes at 1000 CET the Eurozone current account balance and services PMI, the latter also coming thirty minutes later from the United Kingdom.

At 1300 CET, the Bank of England will release its interest rate decision.

At 1330 CET, from the U.S., there will be the report on unemployment claims, followed at 1445 CET by the manufacturing and services PMI.

At 1500 CET, there will be the release of the report on existing home sales.

In the evening, at 2130 CET, there will be the release of the Federal Reserve's weekly balance sheet.

On the corporate calendar, among numerous corporate results, those of Bellini Nautica, Enel, Gambero Rosso, Unipol, and UnipolSai are expected.

By Claudia Cavaliere, Alliance News reporter

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