MIB at 47,500; STM rally continues, Avio slips

(Alliance News) - Major European indices opened mixed on Friday, with Piazza Affari retreating toward the 47,500 level.

Geopolitical tensions remain elevated; while a ceasefire holds, it appears fragile. The US has intensified operations, targeting an Iranian tanker in the Indian Ocean and conducting military actions in the Strait of Hormuz, while Iran appears disinclined to return to the negotiating table.

Crude oil remains near USD100 per barrel, supporting yields and fueling inflation expectations, while equities remain cautious near all-time highs.

PMI data confirm the negative impact of the energy shock on economic activity, particularly within European services.

On the currency front, the dollar is strengthening broadly, with the EUR/USD pair falling below its 100-day moving average, while the dollar index approaches its 50-day moving average, bolstered by safe-haven demand.

In this context, Ipek Ozkardeskaya, Senior Analyst at Swissquote, explains that the rally in global indices has stalled, reflecting more prudent sentiment linked to geopolitical uncertainty and tighter financial conditions.

Consequently, the FTSE Mib is down 0.8% at 47,509.36, the Mid-Cap loses 0.6% to 57,710.95, the Small-Cap drops 0.5% to 35,322.85, while Italy Growth advances 0.4% to 8,872.58.

London's FTSE 100 is down 0.5%, the Paris CAC 40 sheds 0.6%, while the Frankfurt DAX 40 rises 0.1%.

Back in Milan, on the main list, STMicroelectronics leads the gainers with a .5% rise, following yesterday's double-digit surge. The stock touched a new 52-week high of EUR42.81 at the open.

Strength is seen in Saipem, which advances 1.1% to EUR4.268 after Berenberg raised its price target on the stock to EUR5.25.

A new 52-week high was also reached by Tenaris - up 0.3% - which recorded a share price of EUR26.90.

Eni announced on Friday that it closed the first quarter of 2026 with a net profit of EUR1.07 billion, down 9% from EUR1.17 billion in the same period of 2025, while adjusted net profit attributable to shareholders stood at EUR1.30 billion, an 8% decrease from EUR1.41 billion.

Revenues from core operations rose to EUR22.96 billion, up 2% from EUR22.57 billion in Q1 2025, while net financial debt before IFRS 16 stood at EUR10.85 billion as of March 31.

Looking ahead to 2026, Eni forecasts oil & gas production growth between 3% and 4% and adjusted operating cash flow of EUR13.8 billion, with net capital expenditure confirmed at EUR5 billion and gearing expected at the lower end of the 10%-15% range.

Regarding shareholder remuneration, the group confirms a 2026 dividend of EUR1.10 per share, a 5% increase over 2025, and has increased its buyback plan to EUR2.8 billion, up approximately 90% from the previous forecast of EUR1.5 billion.

Shares in the 'six-legged dog' are up 0.3%.

Stellantis - down 1.7% - is reportedly considering the sale or co-management of four European plants to reduce overcapacity, with sites in Rennes (France), Cassino (Italy), and Madrid (Spain) among those under review.

According to Bloomberg, the group has initiated contact with potential partners or buyers, while the company stated it is in dialogue with various global operators 'as part of its normal business activity,' without commenting on specific transactions. China's Dongfeng Motor is reportedly among the interested parties.

Luigi Lovaglio and the majority list are setting a clear direction for the new governance of MPS, leveraging the shareholder meeting outcome where Cesare Bisoni was appointed chairman.

The Sienese bank leaves 1.3% on the floor.

New balances are emerging around Generali, where during the annual general meeting for the approval of financial statements and remuneration, it was disclosed that UniCredit has increased its stake to 8.72% from 6.68%, a position largely held through derivatives.

Assicurazioni Generali sheds 0.7% while the Piazza Gae Aulenti-based lender is down 1.4%.

Avio sits at the bottom of the main list with a 3.6% decline, marking its fourth consecutive bearish session.

On the Mid-Cap, Revo Insurance is up 1.7%, rebounding after the 3.7% drop recorded on Thursday evening.

BFF Bank records the highest trading volume by value and advances 1.2%.

Selling pressure hits Reply, which falls 0.2%. The company announced Thursday that the shareholders' meeting approved a new 18-month buyback program for up to 3.5 million ordinary shares, for an amount not exceeding EUR550,000,000.

Italian Sea Group places at the bottom of the mid-cap list with a 3.6% loss.

On the Small-Cap, Seri Industrial faces downward pressure, falling 8.0%, after reporting Q1 2026 revenues of EUR41.5 million, down 29% from EUR58.4 million in the same period of 2025, reflecting a decrease of EUR16.9 million.

Specifically, revenues from customers stood at EUR36.3 million, down 32% from EUR53.7 million, while other operating income rose to EUR5.2 million, up 10% from EUR4.7 million.

At the other end of the list, Zucchi climbs 3.9% to lead the basket.

Banca Sistema - flat at EUR1.71 - announced Thursday that the new board of directors, meeting after its appointment by the shareholders' meeting, has chosen Iacopo De Francisco for the role of CEO.

Among SMEs, Nusco saw strong buying at the opening, recording an 8.7% gain.

Doxee sheds 3.7%, breaking the upward trend of the last two sessions.

KME Group - yet to be traded - announced Thursday that, following the fulfillment of all conditions precedent, it has finalized the sale of its total 2.4 million shares in Culti Milano, representing approximately 77.2% of the share capital, to Berger International, the holding company of Emosia Group.

Culti Milano is flat at EUR18.95.

The board of RedFish LongTerm Capital - flat at EUR1.23 - on Thursday approved management data as of March 31, closing the period with consolidated revenues of EUR17.3 million, up 4.6% compared to EUR16.5 million recorded as of March 31, 2025.

SolidWorld Group - up 2.2% - announced Thursday that its wholly-owned subsidiary SolidWorld Middle East, based in Dubai, has secured a new EUR400,000 contract from a leading aerospace entity in the UAE operating as an end-to-end service provider for logistics and supply chain solutions.

In New York on Thursday evening, the Dow lost 0.4%, the Nasdaq retreated 0.96%, while the S&P 500 fell 0.4%.

In Asia, the Nikkei closed up 1.0%, the Hang Seng rose 0.2%, while the Shanghai Composite fell 0.3%.

On the currency front, the euro is trading at USD1.1680 from USD1.1708 on Thursday evening, while the pound trades at USD1.3466 from USD1.3501 last night.

Among commodities, Brent trades at USD105.61 per barrel from USD103.19 on Thursday evening, while gold is valued at USD4,683.46 an ounce from USD4,732.00 last night.

Friday's economic calendar includes the German Ifo business climate index at 1000 CEST.

At 1900 CEST, Baker Hughes data will be released from the US, while at 2130 CEST - as is customary on Fridays - the COT Report will be published.

Among companies, results are expected from BF, Convergenze, CSP International, Impianti, Next Re SIIQ, PPG Industries, and Sogefi.

By Antonio Di Giorgio, Alliance News reporter

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