Bullish bias tempered by caution; Avio remains strong

(Alliance News) - The FTSE MIB is trading with a bullish bias, hovering around the 48,300 level and recovering a portion of the previous session's losses, amid a sentiment that remains cautious despite a marginal stabilization of risk.

Focus remains on developments in the Middle East, particularly potential diplomatic talks between Iran and the US, and the implications of a possible extension of the ceasefire and the reopening of the Strait of Hormuz. These variables continue to act as the primary implicit drivers for European assets, primarily through energy channels and inflationary expectations.

On the macro front, the ZEW economic sentiment indicator for April shows a further deterioration for both the Eurozone and Germany, the latter being Europe's largest economy. Specifically, in the Eurozone, economic expectations fell to minus 20.4 points, down 11.9 points from the previous month, while the assessment of the current situation worsened more sharply, reaching minus 43.0 points.

Consequently, the MIB is advancing by 0.4% to 48,388.43 points.

Among other European indices, the CAC 40 is up 0.3%, the DAX 40 is gaining 0.7%, while the FTSE 100 is posting a 0.2% rise.

In the secondary tiers, the Mid-Cap is up 0.6% at 58,840.78 points, the Small-Cap is advancing 0.7% to 35,793.68, while Italy Growth is down 0.1% at 8,752.46 points.

On the MIB at Piazza Affari, Leonardo is among the few laggards, shedding 3.0% to EUR56.36 per share. Notably, Jefferies has revised its recommendation on the stock to "hold", with a target price of EUR62.00.

Selling pressure also prevails on Lottomatica, which is retreating 2.0% following a 4.7% contraction in the previous session. The company announced on Tuesday its intention to issue and place senior secured notes maturing in 2032 for a total amount of EUR765 million. The company specified that the proceeds will be used in part for the full redemption, amounting to approximately EUR400 million, of its floating rate senior secured notes maturing in 2031, including accrued and unpaid interest.

UniCredit is down 0.2% at EUR67.88. Prospects for a full integration between UniCredit and Commerzbank remain uncertain, according to two separate reports highlighting that the main sticking points remain the valuation and the degree of control the Italian group will be able to secure.

A JPMorgan analysis by Delphine Lee notes that UniCredit has outlined two possible scenarios: a standalone path for Commerzbank aimed at improving profitability through cost optimization and capital allocation, or a full merger scenario with synergies estimated at around EUR2 billion at the pre-tax level. However, according to the analyst, no particularly new elements have emerged compared to previous guidance.

Avio is gaining momentum, confirming the strength seen since the opening bell and advancing 4.3% to EUR38.46 per share, continuing its uptrend with year-to-date gains for 2026 nearing 32%.

Stellantis is up 2.1% at EUR7.50 per share, following a 1.2% decline in the previous session. A meeting between Stellantis CEO Antonio Filosa and the government could take place in early May, ahead of the industrial plan presentation on May 21, as reported by Milano Finanza on Tuesday. Minister Adolfo Urso is a likely interlocutor, although no official dates have been set.

The company clarified that no meeting is scheduled to preview the plan, but contacts with the executive branch are frequent. At the center of discussions is the future of Italian plants, particularly Cassino, which is facing significant challenges: first-quarter production stood at 2,916 units, down 37% year-on-year. Delays related to the revision of Alfa Romeo models, which now include hybrid versions alongside electric ones, are weighing on performance.

STMicroelectronics is trading 2.6% higher ahead of its quarterly results due on Thursday.

In the mid-cap segment, BFF Bank shows strength, adding 4.5% after the opening bell and bringing its five-session gain to over 17%.

OVS also confirms its positive momentum following the results released over the weekend, appreciating for the third consecutive session. The company, which has a market capitalization of just under EUR1.4 billion and a 56% free float, is up 1.6%, marking its third consecutive bullish candle.

Acea, down 0.3%, announced on Monday that it has completed the acquisition of Aquanexa from Algebris Investments through its subsidiary a.Quantum. As noted by the company, the economic value of the transaction in terms of Enterprise Value for 100% of Aquanexa, based on the current perimeter, is approximately EUR205 million.

Technoprobe is seeing selling pressure, retreating 1.8% to 17.62 after a 3.0% drop in the previous session.

On the Small-Cap index, Beewize is advancing over 12% - following a 6.4% decline on Monday - bringing its five-session gain to over 20%.

Digital Bros is up 3.7% at EUR10.56 per share after two bearish sessions.

FILA, up 0.7%, continues its buyback program. On Monday, it announced that on April 13 it purchased 28,486 of its own ordinary shares at an average price of EUR9.6456 each, for a total value of EUR274,765.91.

Seri Industrial is down 2.7%. Over the weekend, the board approved the financial statements for the 2025 fiscal year, which closed with a consolidated profit of EUR13.6 million compared to EUR24.6 million in 2024. Adjusted consolidated profit stood at EUR15.4 million, an increase of EUR18.6 million compared to 2024.

Among SMEs, Green Oleo is advancing 6.8%, following a 5.6% bullish candle in the previous session.

Edgelab is up 8.9% at EUR6.15 per share, following a 2.7% gain yesterday evening.

BF is surging over 12%. Arum and Dompé Holdings announced on Tuesday their intention to jointly launch a voluntary total tender offer for the company, targeting up to 50.9% of the capital not already held. The offer concerns up to 133.2 million shares of the company listed on Euronext Milan, at a cash price of EUR5.00 per share, for a maximum total value of approximately EUR666.2 million.

The board of Saccheria F.lli Franceschetti, down 1.2%, approved on Monday evening the management revenue figures as of March 31, reporting revenues of EUR5.4 million, up 25% compared to EUR4.4 million in the first quarter of 2025. Net of the effect related to its role as a collection agent for CONAI, management revenues stood at EUR5.4 million compared to EUR4.3 million in the same period of 2025, a 24% increase.

In New York, during the European evening, the Dow Jones closed slightly below parity, the Nasdaq shed 0.3%, and the S&P 500 retreated 0.2%.

On the currency front, the euro is trading at USD1.1757 from USD1.1784 on Monday evening, while the pound is at USD1.3502 from USD1.3535 yesterday evening.

Among commodities, Brent is trading at USD95.93 per barrel from USD95.07 on Monday evening, while gold is valued at USD4,784.22 per ounce from USD4,804.62 yesterday evening.

Tuesday's economic calendar includes the release of US employment data at 1415 CEST, followed by retail sales data at 1430 CEST.

By Maurizio Carta, Alliance News reporter

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