Mib holds highs since 2008; Iveco top performer

(Alliance News) - The bluechip index advanced, albeit slightly, in the last session of the week, taking the point bar to the 33,400 area, holding levels not seen since 2008, after both the European Central Bank and the Federal Reserve -- through the mouths of their helmsmen -- hinted at a potential lowering of interest rates by June.

Investors are now focused on the upcoming U.S. labor market report, which could offer cues for a possible interest rate cut soon.

As a result, the FTSE Mib is advancing 0.1 percent to 33,461.83, the Mid-Cap is dipping fractionally to 46,453.81, the Small-Cap is in the red 0.5 percent to 27,554.49, and Italy Growth is in the red 0.4 percent to 8,089.57.

In Europe, London's FTSE 100 is giving up 0.4 percent, Frankfurt's DAX 40 is down 0.1 percent, and Paris' CAC is green by 0.2 percent.

On the main list in Piazza Affari, Iveco Group confirms good form with a 5.6 percent increase with new price at EUR12.62 per share, with the stock hitting a new 52-week high at EUR12.67 per share.

Saipem advances 3.1% to EUR2.03 per share, also updating its 52-week high at that price level.

Telecom Italia, meanwhile, advances 2.4 percent, rearing its head again after four bearish sessions, following confirmation of its 2023 accounts. Operating profit rises 38% to EUR836 million from EUR606 million, with margin 5.1% from 3.8%, while net loss narrows to EUR1.44 billion from EUR2.93 billion a year earlier.

Italgas -- up 0.3% -- reported that it has signed a EUR600 million Sustainability Linked loan agreement with a pool of Italian and international banks with a maximum maturity of five years. This is a Revolving Credit Facility that will provide the Group with a new source of financing to support future needs.

UniCredit--it is giving up 0.4 percent--reported Friday that it purchased 4.8 million of its own ordinary shares between March 4 and March 7. The shares were taken over at an average unit price of EUR31.3779, for a total value of EUR151.8 million.

Sales were also reported on Azimut, which posted a minus 7.4 percent, following up on its 5.9 percent red on the eve of the meeting despite excellent accounts. The company reported Thursday that it ended 2023 with adjusted net income of EUR454 million from EUR402 million in 2022 and up 13 percent. The board of directors resolved to pay a dividend of EUR1.40 per share from one for EUR1.30 in 2022.

On the Mid-Cap, Italmobiliare--up 5.2 percent--takes the top spot on the list reported Thursday that it closed 2023 with a profit of EUR51.6 million from EUR33.5 million in 2022. The board of directors will also propose to the next shareholders' meeting the distribution of a dividend totaling EUR3 per share. NAV amounted to EUR2.20 billion from EUR2.03 billion in the previous year.

Danieli -- in the black by 3.9 percent -- reported Thursday that it closed the first half of the year 2023/2024 on December 31 with a profit of EUR98.8 million, up 33 percent from EUR74.1 million in the same period last year. Operating income amounted to EUR2.07 billion from EUR1.87 billion as of Dec. 31, 2022. "The results for the first half of 2023/2024 confirm forecasts of declining profitability in steel production and improvement in steel plant design and supply. The two activities continue to offset each other in the 'up and down' of economic cycles, the company points out."

Maire Tecnimont's rise continues, moving ahead 5.9 percent to EUR7.15 per share, with new annual high at EUR7.21.

Fincantieri -- in the red by 1.4 percent -- reported Thursday that it improved its loss in 2023 to a loss of EUR53 million from a loss of EUR324 million as of Dec. 31, 2022. Revenues in the period stood at EUR7.65 billion from EUR7.44 billion in 2022.

The tail end of the list is for Tinexta, which marks a minus 9.2 percent, after announcing Thursday that it closed 2023 with a net profit of EUR69.9 million, down 11 percent from EUR78.1 million as of Dec. 31, 2022.

On the Small-Cap, boost on Fidia, which moves ahead more than 10 percent with new price at EUR0.3870. The stock - which has been missing the ex-dividend since 2017 - on the weekly increased its market cap by nearly 35%.

algoWatt - bullish with 6.8% - advances again after closing in double digits in the previous session.

Eurogroup Laminations, on the other hand, is climbing 3.9 percent as it awaits results due for publication on Monday.

Bastogi, on the other hand, is giving up 7.3 percent with new price at EUR0.4170 per share, heading for the third session to end with a bearish candle.

Among SMEs, FAE Technology advances 4.7 percent, pointing to the eighth session among the bullish.

Ambromobiliare advances 6.1% to EUR1.39, on the heels of eve's gain albeit with a timid 0.8%.

Bellini Nautica, on the other hand, advances 1.2%, rebounding after three bearish sessions.

The bottom is from Compagnia dei Caraibi, which gives up 8.9% after a 1.0% loss on eve.

In New York last night, the Dow closed bullish by 0.3%, the Nasdaq advanced 1.5%, and the S&P 500 gained 1.0%.

Among currencies, the euro changed hands at USD1.0933 against USD1.0934 recorded at last night's European stock close, while the pound is worth USD1.2831 from USD1.2790 on Thursday night.

Brent crude is worth USD82.80 per barrel versus USD82.78 per barrel at Thursday's close. Gold, meanwhile, trades at USD2,167.82 an ounce from USD2,156.44 an ounce last night.

On Friday's macroeconomic calendar, the average wage and unemployment rate are expected at 1430 CET from the US.

By Maurizio Carta, Alliance News reporter

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