Mib opens up, party continues on stock markets

(Alliance News) - Piazza Affari lived up to forecasts and opened slightly higher in its first post-Christmas session, in line with the trend recorded by other European stock exchanges.

The FTSE Mib opened Wednesday up 0.2 percent to 30,406.27, the Mid-Cap rises 0.5 percent to 44,680.77, the Small-Cap gains 0.5 percent to 28,067.80, and Italy Growth marks a 0.3 percent increase to 8,146.39.

In Europe, London's FTSE 100 is up 0.5 percent at 7,736.86, Paris' CAC 40 is tied at 7,567.61 and Frankfurt's DAX 40 is up slightly at 16,709.75.

On Milan's largest-capitalization list, Siapem is doing best of all at the start, thanks to a 2.5 percent rise and as many as 18 million shares changed hands within minutes after the bell rang.

Iveco, up 1.8 percent, and Banca Monte dei Paschi di Siena, up 1.3 percent, also did well.

In particular, Iveco Group reported Friday that it bought back 165,056 of its own ordinary shares between Dec. 18 and Dec. 20. The shares were taken over at an average unit price of EUR7.9320, for a total consideration of EUR1.3 million.

With these purchases, the first EUR55.0 million tranche of the buyback program announced in April this year closed.

Falling on the Mib were only Terna and Telecom Italia, by 0.1 percent each.

On the Mid-Cap, Juventus rises 1.7 percent. The company received notification of the conclusion of the investigation by the Rome Public Prosecutor's Office.

The trial on capital gains and market manipulation-as well as other charges-was transferred to the capital prosecutor's office because the Court of Cassation ruled that the Turin prosecutor's office lacked jurisdiction over this investigation. The club now has 20 days to be able to view the documents and prepare a defense.

Acea gains 0.7 percent after its board approved the definizio and presentation to Roma Capitale of a project financing proposal for the conessione of the management of the network and public lighting service in the capital.

The presentation of the spontaneous proposal to Roma Capitale, a related party of Acea as the controlling entity, represents the introductory act of an articulated procedure, also characterized by a possible and preliminary phase of dialogue with the Capitoline administration, aimed at assessing the feasibility of the proposal.

Technoprobe does better than all at the start, up 2.4 percent.

Among small-cap companies, Trevifin rises 2.2 percent after extending its 2022-2026 business plan by another year, to 2027.

Targets remain confirmed, which include average annual revenue growth of 5 percent over the plan period, a recurring Ebitda margin above 13 percent at the end of the plan from the 12 percent expected this year, and increasing cash generation due to the positive contribution of both business divisions, favoring the achievement of the ratio of Net Financial Position to recurring Ebitda at a level below 2 times, as early as the end of 2026.

As of November 30, 2023, the group's backlog was EUR757 million, up 28 percent or EUR170 million from December 31, 2022. Group order intake amounted to EUR700 million, 6 percent higher than the group's annual target expected at EUR659 million, thanks to the Trevi division, which exceeded the annual target by 21 percent.

Revenues at the end of the plan are expected at EUR716 million from EUR565-585 million projected for this year; recurring Ebitda is forecast at EUR96 million from EUR68-72 million in the current year; the ratio of NFP to recurring Ebitda is indicated at 1.3 times in 2027 from 2.9-3.2 in the year that is ending.

FNM rises 0.4 percent. The company announced that it has signed a second application contract with Alstom Ferroviaria for the supply of two hydrogen trains - in addition to the first six already contracted and ordered - for EUR27.5 million.

In addition, FNM acquired a 30.8 percent stake in Mbility, a company that facilitates the availability and increases the supply of transportation services, including accompanied transportation, for frail or disabled people through its proprietary digital platform.

Mbility's equity investment is made through the subscription and payment of a EUR1 million reserved capital increase to FNM.

CY4Gate rises 1.5 percent after winning contracts for EUR1.6 million in cybersecurity and EUR750,000 for decision intelligence solution.

The supply, with a total value of just over EUR2.3 million for the duration of one year, is for leading institutional and corporate entities operating in both the Italian and foreign markets. In the cybersecurity field, CY4Gate has concluded agreements for the sale of three different Cyber Hybrid Digital Twins for training, testing & validation activities and for deception activities of potential attackers through the creation of honey nets, all to harden the cyber resilience of its clients.

Among the SMBs in Piazza Affari, the good performance of Cloudia Research continues, which, after putting up 50 percent on its stock market debut, rises by the same percentage on its second day of trading in Milan.

Vantea SMART is doing well, up 11 percent after the Ministry of Enterprise and Made in Italy received a positive financial and technical report from MPS Capital Services for the Cyberlens project.

The amount approved is EUR6.3 million, which is matched by a EUR3.7 million facility, including EUR2.6 million in the form of an expenditure grant and EUR1.1 million in subsidized financing.

In Asia, the Nikkei closed Wednesday up 1.1 percent to 33,681.24, the Shanghai Composite gained 0.5 percent to 2,914.61 and the Hang Seng was up 1.7 percent to 16,624.84.

In New York, the Dow closed last night up 0.4 percent to 37,545.33, the Nasdaq rose 0.5 percent to 15,074.57 and the S&P 500 gained 0.4 percent to 4,774.75.

Among currencies, the euro changed hands at USD1.1048 against USD1.1021 recorded in Friday's European stock close while the pound is worth USD1.2715 from USD1.2726 on Friday evening.

Brent crude is worth USD81.11 per barrel versus USD80.18 per barrel at Friday's close. Gold, on the other hand, trades at USD2,067.91 an ounce from USD2,060.52 an ounce Friday night.

Wednesday's macroeconomic calendar includes ZEW expectations in Switzerland at 1000 CET.

On the bond front, at 1500 CET, French three-, six- and 12-month BTF auctions are published in France. From the US, at 1900 CET, it is the turn of five-year Treasury bond auctions while, at 2230 CET, weekly oil stocks will be published.

Among companies listed on the Milan Stock Exchange, no particular announcements are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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