Mib bullish in 27,600 area; ERG top performer

(Alliance News) - Piazza Affari trades in a bullish trend on Tuesday after a downward reversal led it to touch the Mib, currently in the 27,600 area, a low for the day at 27,293 points.

On the macro data front, at the start of the fourth quarter, the Eurozone's economic decline accelerates, as reflected in provisional data collected from the ongoing October PMI survey released Tuesday. Excluding the months affected by the pandemic, "private sector output is marking the sharpest slowdown in nearly a decade," the S&P Global statement read.

The Eurozone Composite PMI index showed a decline to 46.5 points from 47.2 in September, according to a flash estimate. This is the fifth consecutive monthly contraction in economic activity and the highest since November 2020.

Thus, the FTSE Mib is up 0.2 percent to 27,618.58, the Mid-Cap is in the green 0.2 percent to 38,299.07, the Small-Cap is up 0.2 percent to 24,369.05, and Italy Growth is in the red 0.2 percent to 7,742.53.

In Europe, London's FTSE 100 is down 0.2 percent, Paris' CAC 40 is up 0.5 percent, and Frankfurt's DAX 40 is advancing 0.2 percent.

On the main list in Piazza Affari, ERG is advancing well, picking up 1.8 percent, rearing its head after three bearish sessions.

Enel is advancing 1.3% after announcing Monday that it has signed an agreement with Ormat Technologies Inc. through its wholly owned subsidiary Enel Green Power North America Inc. to sell a portfolio of renewable assets in the US. The sale will be for a total consideration of USD271 million, subject to the usual adjustments for this type of transaction. The portfolio consists of about 150 MW of geothermal and solar plants in operation.

Iveco Group gives up 1.6 percent. On Monday it reported that it bought back 160,180 of its own ordinary shares between Oct. 16 and Oct. 20. The shares were taken over at an average unit price of EUR8.4847, for a total consideration of EUR1.3 million.

UniCredit is down 1.2 percent. Tuesday morning that the board of directors approved "record results" for the first nine months of the year, during which the group made a profit of EUR6.70 billion, up nearly 68 percent from EUR4.00 billion in the same period of 2022. In the third quarter, the group realized revenues of EUR6.00 billion, up 24 percent from EUR4.82 billion in the third quarter of 2022. Net interest income amounted to EUR3.60 billion, up 45 percent from EUR2.48 billion in the same period of 2022, mainly due to higher interest rates and good management of deposit pass-through.

Banca Monte dei Paschi, on the other hand, is retreating 2.0 percent, with new price at EUR2.35 per share. after a 1.4 percent gain in the previous session.

On the cadet segment, Technogym is stepping back 2.1 percent to EUR7.04 per share, after 3.0 percent in the red in the previous session.

Caltagirone, on the other hand, is giving up 2.1 percent, with new price at EUR3.82 per share, following the previous session's 3.0 percent loss.

Fincantieri is giving up 1.4 percent. It reported Monday that Vard, among the world's top companies in specialty shipbuilding and part of the Fincantieri Group, and the Windward Offshore consortium have signed a contract for the design and construction of two hybrid Commissioning Service Operation Vessels. The contract also includes an option for two additional vessels. First delivery is scheduled in the second quarter of 2025.

Maire Tecnimont -- down 0.3 percent -- announced Monday that it has been awarded new contracts worth a total of about USD60 million in its Sustainable Technology Solutions business unit. Specifically, the company points out in a note, STS was awarded licensing and equipment supply contracts for an "Ultra Low Energy" urea plant in China for client Shandong Lianmeng Chemical Company.

Intercos, meanwhile, advances 2.7 percent to EUR3.31 per share after a 5.1 percent gain in the previous session.

Seco, on the other hand, marks a plus 2.6 percent, following up on the previous session's 0.2 percent gain.

On the Small-Cap, Somec is giving up 8.1 percent to EUR23.90 per share continuing the downward trend seen in recent sessions.

Esprinet - in the red by 0.4% - announced that it will distribute Garanteasy in Italy, a cloud service built around consumer needs that makes it easy to manage any type of warranty on consumer goods by connecting all players in the warranty ecosystem: stores, e-commerce, manufacturers, insurance companies, service centers and payment systems.

Instead, Sogefi rises with 1.1 percent. The company announced Monday that it reported net income in the first nine months of the year of EUR45.8 million, up 39 percent from EUR33.0 million in the same period last year. Revenues stood at EUR1.25 billion, up 8.1 percent from EUR1.15 billion in the first nine months of 2022.

Piquadro - up 6.7 percent - on Tuesday reported consolidated sales figures for the first six months of fiscal 2023/24 ended Sept. 30 for its Piquadro, The Bridge and Lancel brands of EUR85.9 million, up 7.1 percent from the same period last year that ended at EUR80.2 million including the effect of exchange rate changes. At constant exchange rates, the increase was 8.1 percent.

Among SMEs, Take Off marks an increase of more than 12 percent. It reported Monday that in the first nine months of the year it reported core revenues of EUR22.2 million, up 12 percent from EUR19.6 million in the same period a year earlier. The group's average selling price is EUR18.58 from EUR15.96 as of September 30, 2022.

Health Italia, on the other hand, rises 5.0%, with price at EUR1.47 per share, breaking the three-session bearish mini-trend.

Datrix gives up 3.6 percent after reporting Monday that subsidiary ByTek reported positive results from its collaboration with Lancôme, a L'Oréal SA group company.

Emma Villas -- in the red 4.2 percent after closing up 21 percent -- reported Monday that it had achieved a record summer season. As of Oct. 17, according to management data collected by the Emma Villas Observatory, there were 5,930 bookings in Italy, surpassing by 4.2 percent the total bookings recorded in all of 2022, "a figure destined to improve further in view of the December holidays, where end-of-year bookings are traditionally concentrated," the company's note said.

In New York on European night, the Dow closed down 0.6 percent to 32,936.41, the Nasdaq up 0.3 percent to 13,018.33, and the S&P 500 finished 0.2 percent in the red at 4,217.04.

Among currencies, the euro changed hands at USD1.0644 against USD1.0621 recorded at Monday's European stock close while the pound was worth USD1.2245 from USD1.2207 last night.

Among commodities, Brent crude is worth USD90.21 per barrel from USD91.57 per barrel at Monday's close. Gold, meanwhile, trades at USD1,966.31 an ounce from USD1,976.37 an ounce on Monday evening.

On Tuesday's macroeconomic calendar, coming up is data on U.S. crude oil inventories at 2230 CEST.

By Maurizio Carta, Alliance News reporter

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