Mib toward third bullish; Unipol leading the way

(Alliance News) - On Friday, the FTSE Mib continued with the bullish trend seen since the bell rang, reaching a high not seen since 2008, fueled by traders' optimism as they digested recent corporate updates and with Piazza Affari attempting to reach the 32,000 mark.

On the monetary policy front, Atlanta Fed President Raphael Bostic said this week that despite progress in fighting inflation, he is not ready to call for interest rate cuts because of ongoing risks. Chicago Fed's Austan Goolsbee, on the other hand, said instead that the central bank should be cautious about waiting too long before cutting rates.

Thus, the FTSE Mib trades 0.5 percent green at 31,864.00, heading for its third bullish session.

In Europe, London's FTSE 100 advances 0.9 percent, Frankfurt's DAX 40 in positive with 0.8 percent, and Paris' CAC 40 marks a green of 0.7 percent.

Among the smaller lists, the Mid-Cap rises 0.8 percent to 45,560.55, the Small-Cap rises 0.4 percent to 27,614.25, and Italy Growth is just above par at 8,124.28.

On the Mib, Unipol--up 16 percent--reported on Friday that it had reported profit rising to EUR1.33 billion in 2023 from EUR866 million a year earlier. Following strong 2023 figures, the company decided to raise its dividend to EUR0.38 from EUR0.37 a year earlier. Unipol's board approved the merger of UnipolSai--and other subsidiaries--by launching a takeover bid on the latter at EUR2.70 per share.

STMicroelectronics, meanwhile, advances 1.9%, in its third bullish session.

Tenaris advances 0.8% to EUR15.08 per share, on the heels of the eve's 1.5% green close.

Also advancing well is Stellantis, which moves ahead 0.5 percent, updating a new 52-week high to EUR24.17 per share.

The board of Eni -- down 1.9 percent -- on Friday announced it had approved consolidated results for the year and the fourth quarter 2023, which closed with a net profit of EUR4.75 billion from EUR13.89 billion in the previous year.

On the Mid-Cap, doing best of all is UnipolSai, which moves ahead more than 11 percent. The board announced that it had analyzed preliminary results for fiscal year 2023, a period that ended with a consolidated net profit of EUR766 million, up from EUR651 million a year ago. The board then proposed the distribution of a slightly increased dividend, rising to EUR0.165 from EUR0.16 in 2022.

illimity Bank, on the other hand, advances 3.3 percent to EUR5.02 per share after 0.6 percent red on eve.

Salvatore Ferragamo advances 2.0% with price at EUR12.94, in its third bullish session.

Fincantieri -- up 1.0 percent -- announced Thursday that it has completed the acquisition of the entire capital of Remazel Engineering Spa from Advanced Technology Industrial SA. As previously reported, the consideration paid for 100 percent of the capital was EUR65 million.

Sanlorenzo, on the other hand, is giving up 1.8 percent to EUR43.30 per share, following a 2.9 percent red on the eve of the deal.

Among the bearers is Saras, which is giving up 0.8 percent to EUR1.73 per share after two bullish sessions.

On the Small-Cap, Landi Renzo is advancing 4.8% with new price at EUR0.44 echoing eve's green of 3.7%.

Alkemy is marking a 2.7 percent rise with price at EUR10.50 after eve's 6.1 percent decline.

SIT, on the other hand, is giving up 3.6 percent to EUR2.38 per share, after 4.6 percent red on eve.

Fidia, on the other hand, is giving up 2.7 percent to EUR0.3130 per share on the heels of eve's 3.2 percent loss.

Among PMIs, Bellini Nautica advances 14%, rearing its head after three sessions closed in the red but going into volatility auction.

H-Farm advances 3.1%, with price at EUR0.1155 after 6.3% red on eve.

Farmacosmo - up 1.0% - on Thursday evening announced that the closing with G&Ph Holding S.r.l. and Innovation Pharma S.p.A. for the sale of the Company's stake in the latter's capital and the simultaneous purchase of a 67% representative stake in Farmacia De Leo S.r.l. was finalized.

Leone Film Group -- up 2.8 percent -- reported Thursday that revenues in 2023 stood at EUR85.5 million from EUR56.2 million in the same period last year and up 52 percent.

Among the few bearish, at the tail end was Trendevice with the price down 5.2 percent to EUR0.2540.

In New York, the Dow has rallied 0.9 percent, the Nasdaq is advancing 0.3 percent, and the S&P 500 is marking plus 0.6 percent.

Among currencies, the euro changes hands at USD1.0767 against USD1.0760 recorded at Thursday's European stock close, while the pound is worth USD1.2589 from USD1.2576 on Thursday evening.

Brent crude is worth USD81.97 per barrel versus USD82.96 per barrel at Thursday's close. Gold, meanwhile, trades at USD2,006.00 an ounce from USD2,012.50 an ounce last night.

Friday's calendar includes, at 1430 CET, data on constriction permits and the index of major U.S. producer prices.

By Maurizio Carta, Alliance News reporter

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