(Alliance News) - The Mib advanced past the 33,900 area Wednesday, to the highest since 2008, with good corporate results giving oxygen to the stock markets.

Of note among the day's economic data, Eurozone industrial production fell well above estimates on both a monthly and annual basis in January, as released by Eurostat on Wednesday. This fell 3.2 percent in January on a monthly basis after rising 1.6 percent in December and with markets having estimated a 1.5 percent contraction. On a year-over-year basis, January's 6.7 percent drop followed a 0.2 percent increase in the last month of 2023.

Yesterday's data showed that the U.S. headline inflation rate unexpectedly rose to 3.2 percent in February from 3.1 percent in January while the core inflation rate slowed to 3.8 percent from 3.9 percent but was above the market forecast of 3.7 percent.

Thus, the FTSE Mib, is in the green by 0.5 percent at 33,933.23.

In Europe, Paris' CAC 40 is advancing 0.5 percent, London's FTSE 100 is advancing 0.1 percent,as is Frankfurt's DAX 40.

Among the smaller lists, the Mid-Cap is picking up 0.3 percent to 46,942.04, the Small-Cap is in the red 0.2 percent to 27,581.50 while Italy Growth is up 0.1 percent to 8,092.09.

On the Mib, Azimut Holding takes the top spot with a green of 2.1 percent with price at EUR24.84. Société générale raised its target price on the stock to EUR28.00 from EUR27.00 per share.

Boost also on UniCredit, with the Piazza Gae Aulenti stock appreciating 1.7 percent to EUR32.29. The stock touched its new 52-week high during the session at EUR32.37.

Still strength on Banca Monte dei Paschi, which advances 1.4% to EUR4.11, its new 52-week high at EUR4.11 per share.

Also advancing is Leonardo, which advances 0.7 percent with price at EUR20.15 per share, following up 0.8 percent on the eve. Société générale raised its target price to EUR21.70 from EUR15.80.

ERG -- down 5.8 percent -- reported Wednesday that reported group net income was EUR179 million compared to EUR379 million in 2022. The adjusted one from continuing operations was EUR226 million compared to EUR129 million in 2022. The board proposed a dividend of EUR1.00 per share, confirming the previous year's amount.

A2A, on the other hand, is giving up 1.0 percent, in its third bearish session. The company reported a net profit of EUR659 million in 2023, up 64 percent from the previous year when it was EUR401 million. The board resolved to propose to the ordinary shareholders' meeting to approve a dividend of EUR0.0958 from EUR0.0904 in 2022.

On the MidCap is the locomotive of De'Longhi, which advances 5.0 percent with price at EUR33.90 after good accounts. The company reported Tuesday that it closed 2023 with net income up 41 percent year-on-year to EUR250.4 million from EUR177.4 million in 2023 and to EUR108.2 million from EUR78.0 million in the fourth quarter. The board of proposed to shareholders the distribution of a dividend of EUR0.67 from EUR0.48 paid last year.

Purchases also on Caltagirone after 2023 accounts released last night, with price up 4.2%. Net income was EUR261.6 million up 20% from the previous year when it was EUR217.4 million. The board also proposed a dividend of EUR0.25 per share, up from EUR0.15 a year earlier.

Lottomatica, meanwhile, advances 2.8 percent, in its fourth session on the bullish side.

Tod's Spa - flat at EUR43.00 - reported Tuesday that it ended 2023 with revenues up 12 percent year-on-year, to EUR1.13 billion from EUR1.01 billion in 2022. Consolidated profit for 2023, net of current and deferred taxation for the period, was EUR50 million, more than double the net profit for 2022.

Tail of the list for Alerion, which marks a minus 3.9 percent. The stock in 2024 is performing bearishly by about 22%.

On the SmallCap, Olidata is advancing well with plus 5.9 percent. The stock--which has been detaching its dividend since 2004--raises its head again after a five-session bearish run.

Exprivia, on the other hand, marks plus 1.2 percent after a 1.9 percent green in the previous session following good 2023 accounts. Net income was EUR13.2 million compared to EUR11.5 million in 2022.

The board of FNM -- in the red by 2.0% -- reviewed the draft financial statements for the year ended Dec. 31, which showed a consolidated net profit of EUR80.9 million, up EUR12.4 million from 2022, when it was EUR68.5 million. The board proposed an ex-dividend of EUR0.0230 per share, confirming the previous year's amount.

Sales, among others, also on AlgoWatt, which gives up 4.5 percent, bringing its weekly frame liability to 17 percent.

Among SMEs, strength on DHH, which advancing 3.5 percent places the price bar at EUR14.80.

Digital Magics is advancing 2.9 percent to EUR2.12 per share, on the heels of the eve's asset close of plus 2.0 percent.

Circle -- down 2.3 percent -- reported Tuesday that it closed 2023 with a value of production of EUR13.2 million, up 22 percent from EUR10.9 million in 2022.

Eprcommunication, on the other hand, gives up 5.8 percent, bringing its price to EUR1.30, its new 52-week low.

In New York last night, the Dow picked up 0.6 percent, the Nasdaq is advancing 1.5 percent, and the S&P 500 is rising 1.1 percent.

In Asia, the Nikkei has given up 0.3 percent, the Hang Seng is in the fractional red, and the Shanghai Composite is marking minus 0.4 percent.

Among currencies, the euro changed hands at USD1.9031 against USD1.0916 recorded at Tuesday's European stock close, while the pound is worth USD1.2791 from USD1.2780 on Monday evening.

Brent crude is worth USD83.10 per barrel versus USD82.37 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,163.14 an ounce from USD2,164.98 an ounce on Tuesday evening.

Wednesday's macroeconomic calendar includes, at 1200 CET, from the US, the mortgage market report, followed at 1530 CET by crude oil stocks, the EIA count and the Cushing inventory.

At 1800 CET, a 30-year Treasury bond auction is scheduled instead.

By Maurizio Carta, Alliance News reporter

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