(Alliance News) - On Wednesday, major European stock markets confirmed expectations and opened without momentum.

Thus, the FTSE Mib opens in fractional red at 34,682.10, the Mid-Cap is in the green by 0.2 percent at 48,100.73, as is the Small-Cap at 28,351.54, while Italy Growth is in fractional green at 8,082.09.

In Europe, Paris' CAC 40 is in fractional red, London's FTSE 100 is down 0.2 percent, while Frankfurt's DAX 40 is in fractional green.

In macroeconomic news, France's consumer confidence indicator rose to 91 in March, reaching a two-year high from January and comparing with market estimates and February's reading of 90.

The data were published Wednesday by Insee.

However, the latest reading remained below the long-term average of 100.

On the Mib, Nexi does best of all, rising 1.7 percent. It is followed by Recordati, up 0.7 percent.

Hera, in the green by 0.2% the day after the release of its 2023 data. The company, in fact, reported Tuesday that it ended 2023 with a net profit of EUR417.0 million, up 12 percent from EUR372.3 million in 2022.

Hera Group's 2023 revenues stood at EUR14.90 billion, down from EUR20.08 billion in 2022 or 26 percent, mainly due to the normalization of energy commodity prices and gas volumes, lower brokerage activities, and the mild weather experienced in the first part of the year.

Campari -- up 0.2 percent -- announced Tuesday that its EUR550 million 2.375 percent senior unsecured convertible bonds maturing in 2029 have been admitted to trading at Euronext Access Milan, the multilateral trading system managed by Borsa Italiana.

Trading is scheduled to start today.

Intesa Sanpaolo also rises 0.2 percent. The company announced the launch of its EUR120 billion program through 2026 entitled "Your Future is Our Business."

Among the bearers are Banca Monte dei Paschi di Siena, which goes to the bottom with 3.3 percent, preceded by the banking segment with BPER Banca in the red by 0.9 percent, UniCredit down 0.4 percent, as is Banca Popolare di Sondrio.

On the cadet segment, Rai Way - in the red by 0.4 percent - reviewed its 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 fiscal year 2022, when it was EUR73.7 million.

The board proposed the distribution of a dividend of EUR0.32 per share, up from EUR0.27 in the previous year.

As of December 31, 2023, core revenues were EUR271.9 million, up from EUR245.4 million in 2022. Revenues attributable to RAI rose to EUR230.2 million, where revenues from third-party customers stood at EUR41.8 million, an increase of nearly 20 percent.

The company also approved the business plan to 2027, which forecasts core revenues at EUR316 million, with a CAGR in 2023-27 of 3.8 percent, due to the contribution of inflation and the aforementioned development initiatives.

The plan also forecasts adjusted Ebitda at EUR207 million - with CAGR 2023-27 of 3.5 percent - with a margin on revenues above 65 percent, about 68 percent excluding the dilutive effect of the start-up phase of the diversification initiatives.

Net income is estimated at EUR92 million - CAGR 2023-27 of 1.4% - with the increase in Ebitda partially offset by higher depreciation and amortization related to development investments and higher financial expenses.

Italian Sea Group goes to the bottom, selling 7.4%. GC Holding sold all 4.6 million of the company's shares put up for sale Tuesday evening through an accelerated bookbuilding transaction.

The shares -- amounting to 8.7 percent of the company's share capital -- were sold at a unit price of EUR10.10, for a total value of EUR46.5 million. GC Holding now holds 28.4 million shares in TISG, accounting for 53.6 percent of the latter's capital.

GC Holding initiated the transaction to allow for an increase in free float and liquidity and made a 90-day lock-up commitment.

At the top is Cementir Holding, up 1.0%, preceded by Ariston Holding, up 0.9%.

Among smallcaps, Conafi -- not yet affected by trading -- reported a consolidated net loss of EUR1.9 million in 2023 from one of EUR3.4 million as of Dec. 31, 2022.

Revenues in the period stood at EUR3.0 million from EUR5.9 million in 2022.

Aeffe rises 2.1 percent after announcing Tuesday that it has exercised its planned "incremental" call option to buy an additional 15 percent of Moschino Kids.

In addition, Aeffe has consequently purchased the relevant shares, at a price equal to the nominal value of EUR1,500.

Moschino Kids is, therefore, as of today, owned by Moschino and Altana with a 55 percent and 45 percent stake, respectively.

PLC rises 2.8 percent after announcing Tuesday that it has signed an agreement with Bester New Energy Italia to build a utility substation attached to a Terna switching station.

The project involves a high-voltage underground cable duct serving two photovoltaic sites of more than 80 MWp, in the province of Reggio Calabria.

The consideration for the deal is EUR3 million, and PLC System - a subsidiary of PLC - plans to execute the contract with its own resources by the first half of 2025.

In addition, Honeywell International announced Wednesday its intention to take over Civitanavi Systems -- which does not yet trade -- in a EUR6.30 per share cash tender offer.

The company's equity value as of Tuesday's close is EUR200 million. The offered price represents a 27 percent premium to the average price over the past 30 days of trading of Civitanavi, whose controlling shareholder - which holds 66 percent - has already given a commitment to divest its stake.

Among SMEs, Energy gives up more than 10 percent after reporting that it ended 2023 with revenues halved to EUR63.3 million from EUR126.5 million a year earlier.

Maps-which does not yet trade-reported that it closed 2023 with a value of production of EUR30.2 million compared to EUR27.5 million a year earlier.

Revenues rose to EUR27.5 million from EUR24.7 million, with recurring fee revenues coming in at 41.1 percent from 39.2 percent a year earlier, at EUR11.0 million from EUR9.4 million.

In Asia, the Nikkei closed Wednesday up 0.9 percent to 40,762.73, the Shanghai Composite fell 1.3 percent to 2,993.14 and the Hang Seng closed 1.4 percent in the red to 16,392.84.

In New York at Tuesday's close, the Dow gave up 0.1 percent to 39,282.33, the Nasdaq lost 0.4 percent to 16,315.70 and the S&P 500 fell 0.3 percent to 5,203.58.

Among currencies, the euro changed hands at USD1.0825 against USD1.0830 recorded at Tuesday's European stock close while the pound was worth USD1.2625 from USD1.2630 last night.

Among commodities, Brent crude is worth USD84.83 per barrel versus USD86.27 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,181.40 an ounce from USD2,179.14 an ounce last night.

Wednesday's macroeconomic calendar features the Eurozone consumer confidence report at 1100 CET while the UK mortgage report will be released at 1200 CET.

In the afternoon, focus on crude oil stocks in the US at 1530 CET.

Among the companies in Piazza Affari, the accounts of Cyberoo, Caleffi, Gruppo 24 Ore, RCS MediaGroup, and SOL, among others, are scheduled.

By Claudia Cavaliere, Alliance News reporter

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