Mib still bullish; Rai Way bullish after accounts

(Alliance News) - European equity markets move without a single direction Tuesday, following recent bullish sessions that have ridden the wave of expectations of interest rate cuts by major central banks.

Trading rooms await important inflation data from major European and U.S. economies later in the week, looking for indications of future monetary policies from the European Central Bank and the Federal Reserve.

From the Eurotower, among the most recent were dovish comments from a historic European Central Bank "hawk" that have raised hopes that the bloc's central bank may soon begin cutting rates. In fact, Bundesbank President Joachim Nagel said Friday that the ECB might consider rate cuts before the summer break as inflation continues to fall toward its 2 percent target.

Nagel's opinion aligns with the growing chorus of officials advocating a potential cut in June. Currently, markets expect a rate cut of 89 basis points this year, amounting to at least three, possibly four, 25 basis point maneuvers.

Nagel cautioned that an initial rate cut does not necessarily imply subsequent adjustments, emphasizing the ECB's data-driven approach to decision-making.

Thus, the FTSE Mib, after closing Monday up 0.9 percent, is marking a 0.2 percent green to 34,696.22, the Mid-Cap is up 0.1 percent to 47,917.26, the Small-Cap is dipping fractionally to 28,086.79, and Italy Growth is in the green 0.1 percent to 8,134.37.

In Europe, London's FTSE 100 is giving up 0.1 percent as is the CAC 40 in Paris, while Frankfurt's DAX 40 is in perfect parity.

On the Mib, good start for the banking sector, with BPER Banca stretching 2.5 percent with new price at EUR4.43 per share, thus updating its 52-week high.

Boost also on Banca Monte dei Paschi, which marks a plus 1.3% at EUR4.26 per share. The stock since the start of 2024 is marking a gain of more than 38 percent.

Iveco Group moves ahead 1.8 percent to EUR14.15 and updating the high on the yearly frame after having caressed EUR14.18.

DiaSorin - trailing - gives up 1.0%, however, following up on the previous four sessions closed with a bearish candle.

Enel opened in the green by 1.0% at EUR6.12. Morgan Stanley raised Enel's target price to EUR7.50 from EUR7.00.

On the cadet segment, ENAV advanced 3.1 percent, aiming for its fourth session in a row to close in the black.

The board of Rai Way -- in the money with 3.7 percent -- reviewed the draft individual financial statements for the year ending December 31, 2023, which closed with a net profit of EUR86.7 million, up nearly 18 percent from EUR73.7 million in 2022. The board proposed the distribution of a dividend of EUR0.32 per share, up from EUR0.27 in the previous year.

Good buying also on Fincantieri, which is up 1.8% to EUR0.67. Said to report that Stifel has begun coverage on the stock, pricing it at EUR0.62.

At the tail end, Ferretti is giving up 1.3 percent, following up eve's decline with 0.3 percent.

Leading the way, however, is Mutuionline, which is posting minus 1.6 percent, following the eve's loss that closed with minus 1.1 percent.

On the Small-Cap, Class Editori advances 6.7 percent to EUR0.112, updating its 52-week high.

The board of Mondo TV - up 6.9 percent - on Monday evening approved the Mondo TV group's draft annual financial statements and consolidated annual financial report as of December 31, 2023, closing with a net profit of EUR800,000 compared to a loss of EUR69.3 million in the previous year.

Strength also on Beghelli, which leads the price up 5.6 percent after the previous session's 1.4 percent red.

Among SMEs, Caribbean Company pushes ahead 12 percent to EUR0.72, rebounding after two sessions of declines.

Grifal, on the other hand, marks a plus 4.9%, benefiting from good accounts. The company reported Monday that it ended 2023 with a net profit of EUR887,217 compared to the 2022 figure of EUR432,047.

Allcore -- down 10 percent before going into volatility auction -- announced Monday that it had approved results for 2023, a fiscal year that ended with a profit of EUR1.5 million, down from EUR2.6 million a year earlier. The board also proposed a dividend of EUR0.06 per share, for a total of EUR1.0 million, down from EUR0.1 per share in the previous year.

CrowdFundMe -- flat at EUR2.06 -- reported Monday that it ended 2023 with a loss of EUR941,384, which compares with a loss of EUR399,297 in the previous year. That result was affected by EUR680,000 in depreciation and amortization and an increase in expenses in technological innovations, the company explained in a note.

In New York overnight Europe, the Dow gave up 0.4 percent, while the Nasdaq contracted 0.3 percent as did the S&P 500.

Among Asian exchanges, the Nikkei closed fractionally in the red, the Shanghai Composite was green by 0.2 percent, and the Hang Seng advanced 0.9 percent.

Among currencies, the euro changed hands at USD1.0847 against USD1.0834 recorded at Monday's European stock close, while the pound was worth USD1.2648 from USD1.2640 last night.

Brent crude is worth USD86.62 per barrel versus USD86.84 per barrel at Monday's close. Gold, meanwhile, trades at USD2,177.00 an ounce from USD2,176.22 an ounce last night.

Tuesday's calendar features five-year Gilt and six-month Bot auctions at 1100 CET within 10 minutes.

In the afternoon, from the US, eyes on goods orders, at 1330 CET, and house prices, coming in at 1400 CET. The Michigan consumer confidence report will be released at 1500 CET while weekly crude oil stocks will close the day at 2130 CET, following a five-year T-Note auction.

Among the companies in the stock market, Bifire, Conafi, GVS, Hera, Longino & Cardenal, and Somec-among others-will release results.

By Maurizio Carta, Alliance News reporter

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