Mib on highs since 2008 dragged by banks

(Alliance News) - Piazza Affari closed bullish in the second session of the week, crossing the 35,100 mark Tuesday, reaching levels not seen since 2008, thanks to the strong performance of the Italian banking sector.

Of note, the PPI index reading in the U.S. was higher than expected, with the reading likely to strengthen the assumption of the Fed's "hold" position on the confirmation of current interest rates.

Thus, the FTSE Mib closed up 1.0 percent to 35,151.42, the Mid-Cap closed up 0.8 percent to 48,197.64, the Small-Cap closed up 0.6 percent to 29,638.80, while Italy Growth closed up 0.1 percent to 8,235.77.

In Europe, Paris' CAC 40 rallied 0.3 percent, London's FTSE 100 rose 0.2 percent to 8,430.72, while Frankfurt's DAX 40 closed down 0.1 percent.

On the Mib, in a banner day for banking stocks, BPER Banca took home 5.0%, following up Monday evening's green, albeit by a more timid 0.3%.

Strength also on Banca Monte dei Paschi, which closed bullish by 2.7% at EUR4.87. On the stock, Barclays raised its target price to EUR5.50 from EUR5.30 with an 'overweight' rating.

Intesa Sanpaolo, on the other hand, appreciated by 2.1 percent, on its third consecutive bullish candle.

Italgas, on the other hand, gave up 1.7 percent after the release of its quarterly accounts. Pre-tax profit improved to EUR170.5 million from EUR153.0 million while net income rose to EUR125.3 million from EUR111.9 million.

Pirelli, on the other hand, posted a red 1.3 percent to EUR6.12. Goldman raised its target price on the stock to EUR6.30 from EUR5.90 with 'neutral' rating.

On the cadet segment, Reply closed the run in the green by 7.8 percent. The company disclosed Tuesday that it posted a first-quarter pretax profit of EUR73.1 million from EUR62.1 million in the same period of 2023.

GVS -- in the green by 8.3 percent -- disclosed Tuesday that it ended the quarter with net income of EUR9.9 million up 7.7 percent from EUR2.5 million in the same period a year earlier. Revenues amounted to EUR105.4 million from EUR104.9 million in the first quarter of 2023.

Carel Industries, on the other hand, left 8.2 percent on the parterre, after declining 0.2 percent on the eve.

For PharmaNutra, on the other hand, the loss was 8.3 percent after eve's 2.5 percent loss, paying duty on sharply declining first-quarter numbers but slightly increasing revenues. Profit was EUR2.6 million, down 43% from EUR4.6 million in the first quarter a year earlier. Revenues amounted to EUR23.7 million up 0.5% from EUR23.8 million as of March 31, 2023.

On Small-Cap, strength on Aedes, which rallied more than 14%, rearing its head again after three bearish sessions.

For Antares, on the other hand, the rise was 8.7 percent, rewarded in trading by the good increase in consolidated sales to EUR42.6 million from EUR39.7 million as of March 31, 2023.

For Fiera Milano, the green was 6.2 percent to EUR4.04. In the first quarter, profit was EUR7.6 million, down from EUR8.4 million as of March 31, 2023. Revenues, however, improved to EUR72.4 million from EUR48.1 million in the same quarter last year.

SIT, on the other hand, gives up 3.3 percent, in its third bearish session.

The board of directors of Gabetti Property Solutions -- down 2.7 percent -- on Tuesday approved consolidated figures as of March 31, closing with a net loss of EUR700,000, lower than the substantial breakeven on March 31, 2023.

Rear-ends also for AbitareIn, which closed down 2.9% at EUR4.42, subject to profit taking after two sessions of good gains.

Among SMEs, Compagnia dei Caraibi advances more than 13%, with new price in the EUR0.87 per share area.

For Askoll Eva, on the other hand, the rise was 6.6 percent, following the 3.9 percent green in the previous session.

Estrima, on the other hand, left 8.0% on the parterre, in its seventh bearish session.

ISCC Fintech, on the other hand, gave up 4.2 percent, following the previous session's 3.8 percent loss.

In New York, the Dow is trading just below par, the Nasdaq is in the green by 0.2%, and the S&P 500 is just above par.

Among currencies, the euro changes hands at USD1.0816 from USD1.0793 in Tuesday's European stock close while the pound is worth USD1.2585 from USD1.2556 on Monday evening.

Among commodities, Brent crude trades at USD82.47 per barrel from USD83.25 per barrel on Monday. Gold, on the other hand, trades at USD2,353.83 an ounce from USD2,334.56 an ounce last night.

On Wednesday's macroeconomic calendar, at 1100 CEST from the Eurozone, employment, GDP and industrial production are expected.

At 1300 CEST, the mortgage report is expected from the US, followed at 1430 CEST by the inflation and retail sales data.

At 1630 CEST, it will be the turn of the release of the crude oil stocks figure, the EIA report and the Cushing invenatrio. Speeches by Kashkari and Bowman of the Fed are then expected.

On the corporate calendar, several quarterly reports are expected, including Circle, Class Editori, ERG, Poste Italiane and Telecom Italia.

By Maurizio Carta, Alliance News senior reporter

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