Mib up in line with other European bourses

(Alliance News) - Piazza Affari closed Thursday's trading session higher, with Prysmian on the heels and leading Milan's largest-capitalization basket.

The FTSE Mib closed up 0.7 percent to 33,881.50, the Mid-Cap was up 0.3 percent to 46,419.54, the Small-Cap gained 0.6 percent to 27,963.33, and the Italy Growth was up 0.1 percent to 8,024.00.

In Europe, London's FTSE 100 rose 0.4 percent, Paris' CAC 40 gained 0.6 percent and Frankfurt's DAX 40 closed up 0.4 percent.

On the Mib, strength on Banca Mediolanum, which closed up 1.9%, on the heels of the eve's rise that closed with a plus 1.0%.

The bank announced Thursday that its board of directors confirmed Annalisa Sara Doris as vice chairman and Massimo Antonio Doris as chief executive officer.

At the same meeting, the board noted that the board of directors in office for the three-year period 2024-2026 is composed of Giovanni Pirovano, Annalisa Sara Doris, Massimo Antonio Doris, Paolo Gibello Ribatto, Giovanna Luisa Maria Redaelli, Roberta Pierantoni, Francesco Maria Frasca, Carlo Vivaldi, Patrizia Giangualano, Francesca Reich, Anna Gervasoni, Giovanni Lo Storto, and Giacinto Gaetano Sarubbi.

Banca Monte dei Paschi, on the other hand, rose 3.1 percent to EUR4.20 per share, following up on eve's bullish close of 2.0 percent. Rocca Salimbeni said it has completed the placement of a EUR750 million five-year covered bond issue.

As the bank explains, this is the first European covered bond issue carried out by the bank after the transposition of the European harmonization directive on covered bonds. In detail, orders exceeded EUR2.3 billion with coupon at the 3.5 percent level and at a re-offer price of 99.919 percent.

Enel finished up 1.4 percent with price at EUR5.86 per share. Deutsche Bank Research on Monday cut its target price to EUR6.30 from EUR6.70 with a 'hold' recommendation.

Among the few bearish, Saipem gave up 1.9 percent while Brunello Cucinelli lost 1.9 percent the day after its first-quarter results.

On the Mid-Cap, boost on MFE, with class A and B shares rising 4.4% and 9.0%, respectively. The group's fiscal year 2023 financial results, approved Wednesday by the board of directors, are well above the company's estimates from the beginning of the year. Net income - excluding the accounting impact arising in the two fiscal years from the contribution of the shareholding in Prosiebensat1 - is positive at EUR217.5 million, up 18 percent from EUR184.7 million in 2022.

OVS -- up 8.3 percent -- reported Thursday that it ended the year ended Jan. 31, 2024 with a reported net profit of EUR52.4 million, up from EUR39.6 million in the same period last year. The board of directors proposed a dividend of EUR0.07 from EUR0.06 as of Jan. 31, 2023. Net sales stood at EUR1.54 billion from EUR1.51 billion as of January 31, 2023.

On the other hand, d'Amico gave up 3.3 percent, after 3.8 percent in the green on the eve of the day, after announcing on Wednesday that its operating subsidiary, d'Amico Tankers DAC, has entered into a construction contract with Jiangsu New Yangzi Shipbuilding Co. in China for the purchase of two new 'Long Range' tankers at a contract price of USD55.4 million each. The company expects these two new ships to be delivered in September and November 2027, respectively.

On the Small-Cap, SIT advances, up 10 percent to EUR1.6350 per share, breaking a three-session downtrend.

Avio gained 7.8 percent to EUR11.30 per share. The stock has increased its market cap by more than 26 percent since the start of 2024.

At the tail end, Eems Italia lost 9.6 percent, placing it at the bottom of the list of small-cap companies.

Among SMEs, Energy confirmed its good start and closed up 9.5 percent, its fourth straight session among the bullish.

Giglio.Com, on the other hand, rose 4.3 percent, bringing its weekly rise to 30 percent. The stock--on an average of two analysts--is priced with an average target price of EUR3.55, thus being under-priced by about 118%.

Illa, on the other hand, gave up 20 percent, recording the steepest decline on its home list.

In New York, the Dow is up 0.8 percent to 38,066.34, the Nasdaq rises 0.6 percent to 15,783.23 and the S&P 500 gains 0.7 percent to 5,055.74.

Among currencies, the euro changes hands at USD1.0663 from USD1.0636 on Wednesday in closing European equities while the pound is worth USD1.2464 from USD1.2451 last night.

Among commodities, Brent crude is worth USD87.16 a barrel from USD89.24 last night and gold trades at USD2,379.05 from USD2,390.63 last night.

Friday's macro calendar opens with Japan's inflation at 0130 CEST and continues with UK retail sales coming in at 0800 CEST, the same time as Germany's producer prices.

At 1000 CEST, room for Spain's trade balance, coming two hours before Iberian consumer confidence.

In the U.S., eyes on Baker Hughes' U.S. drilling rig data, coming in at 1900 CEST.

Among the companies in Piazza Affari, the accounts of Convergenze, CSP International, Gismondi 1754 and Neurosoft are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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