European markets cautious, MIB slips weighed down by Avio

(Alliance News) - Trading on the main European stock exchanges appeared mixed and subdued on Wednesday, as Iran unilaterally announced an extension of the Middle East truce between Tehran and Washington. Conversely, Trump stated that the enemy "is collapsing financially."

The MIB continues to decline, down 0.1% at 47,849.25 points, the Mid-Cap is up 0.3% at 58,561.02, the Small-Cap is in the green by 0.6% at 25,805.25, and Italy Growth is positive by 0.5% at 8,814.37.

The CAC 40 is down 0.2%, the DAX 40 is slightly below par at 24,249, and the FTSE 100 is fractionally higher at 10,499 points.

On Piazza Affari, Saipem - up 5.2% - announced that it has been awarded a new Limited Notice to Proceed, valued at approximately USD150 million, by ExxonMobil Guyana Limited. The contract covers engineering, procurement, construction, and installation of the subsea system of structures, umbilicals, risers, and flowlines for the Longtail project, located in the Stabroek Block offshore Guyana, at a depth of approximately 1,750 meters.

Yesterday evening, the company presented its first-quarter results. Net profit was positive at EUR78 million, a 1.3% increase compared to the EUR77 million recorded from January to March 2025. In the fourth quarter of last year, profit stood at EUR89 million.

Revenue reached EUR3.52 billion, compared to EUR3.51 billion in the first quarter of 2025, representing a 0.3% positive variance. In the fourth quarter of 2025, revenue was EUR4.52 billion.

Berenberg confirmed its "buy" recommendation on Telecom Italia, up 0.6%, raising the target price to EUR0.76 from EUR0.52 for ordinary shares and to EUR0.88 from EUR0.52 for savings shares. This follows updated estimates and the partial inclusion of synergies related to the offer from Poste Italiane, which is down 0.1%.

UniCredit's takeover bid for Commerzbank remains in the spotlight, with CEO Andrea Orcel working on the exchange offer (OPE) since May 5.

Rumors have resurfaced, fueled by German politicians and unions, regarding a possible relocation of the headquarters to Germany. However, the group denied this, reaffirming its commitment to Italy. UniCredit shares are trading 1.4% lower at EUR66.06 per share.

Giuseppina Di Foggia is reportedly ready to waive her EUR7.3 million severance package to leave Terna, which is up 0.4%, and pave the way for the chairmanship of Eni, following an ultimatum from the government led by Giorgia Meloni.

The Prime Minister had clarified that Di Foggia had to choose between the chairmanship of Eni, up 3.0%, and the severance pay, as the options are incompatible under current regulations and bylaws.

Tenaris rose 2.3% to EUR26.42 per share, while Avio hit the bottom of the basket, falling 2.9% to EUR35.81 per share.

On the Mid-Cap, Safilo Group, the top performer with a 5.3% gain, announced the signing of an exclusive agreement with Bollé Brands for the acquisition of SPY+ and Serengeti, two US brands active in the outdoor sports and high-end eyewear segments.

In 2025, SPY+ and Serengeti recorded combined sales of approximately USD39 million.

Caltagirone is up 4.9% at EUR9.65 per share, while MARR recorded a solid daily performance, rising 3.0% to EUR8.70 per share.

Webuild recorded a 1.5% decline to EUR2.556 per share.

On the Small-Cap, Elica - in the green by 0.4% - presented a new range of induction hobs based on proprietary technology at EuroCucina 2026, marking a further step in its expansion strategy within the cooking segment.

Specifically, the group developed the new ID Technology internally, a proprietary hardware and software platform resulting from an investment of approximately EUR2 million and three years of dedicated work by an engineering team.

The Italian Sea Group is down 8.4% at EUR1.83 per share, bucking the trend of the last month, during which it saw gains of 99%. Seri Industrial is up 8.3% at EUR2.55 per share.

Among SMEs, Otofarma - which saw no trades - signed the final purchase agreement for the acquisition of a new production plant in Corsico, in the Milan metropolitan area, thus completing the closing of the transaction announced in recent months. The total investment of EUR1.5 million will allow the company to double its production capacity.

Racing Force, up 4.0%, announced on Wednesday that first-quarter 2026 revenues reached EUR24.3 million, an 18% increase compared to EUR20.6 million in the first quarter of 2025, with growth at constant exchange rates of approximately 22%.

On a broader basis, the quarterly growth brings sales for the last nine months to a 20% increase compared to the same period of the previous fiscal year.

ErreDue, up 1.5%, announced the signing of an order worth approximately EUR900,000 for the supply of a hydrogen production solution using alkaline technology with a total capacity of approximately 0.5 MW, consisting of two modular units of approximately 250 kW.

Italian Wine Brands has launched a new share buyback program for a maximum of 15,000 shares, for a total value of up to EUR375,000. The stock is up 0.1%.

In New York on Tuesday evening, the Dow Jones lost 0.6%, as did the Nasdaq and the S&P 500.

On the currency front, the euro is trading at USD1.1753 from USD1.1747 on Tuesday evening, while the pound is trading at USD1.3531 from USD1.3506 last night.

Among commodities, Brent is trading at USD99.14 per barrel from USD98.16 per barrel on Tuesday evening, while gold is worth USD4,761.10 per ounce from USD4,737.10 per ounce last night.

On Wednesday's economic calendar, the focus shifts to US mortgages at 1300 CEST.

By Michele Cirulli, Alliance News reporter

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