Mib in the red; Leonardo leads gainers, MPS trails

(Alliance News) - On Thursday, major European indices ended the session in negative territory, with Piazza Affari hovering around the 44,400-point mark.

"As long as the US and Iran remain at loggerheads, equity markets will stay under pressure," explains Chris Beauchamp, analyst at IG.

"Oil prices are climbing by double digits again today as the realization sets in that the US is not on the verge of either ending the war or introducing some kind of convoy system in the region."

Traders continue to use every bounce in the indices as an opportunity to sell stocks, while buying oil during phases of weakness.

Long-term investors, meanwhile, are returning to safe-haven assets and buying dollars, also favored by exposure to an oil-producing country.

The greenback, Beauchamp explains, continues to strengthen against the yen, while its strength keeps silver and gold out of market favor, with a retest of USD5,000 appearing likely.

Consequently, the FTSE Mib closed down 0.8% at 44,456.18, the Mid-Cap lost 0.8% to 54,357.34, the Small-Cap fell 1.8% to 34,026.49, while Italy Growth retreated 1.0% to 8,382.29.

London's FTSE 100 closed 0.5% in the red, Paris's CAC 40 retreated 0.7%, while Frankfurt's DAX 40 lost 0.3%.

Returning to Milan, on Piazza Affari's large-cap list, Leonardo performed best among the few stocks in the green, finishing at the top with a 5.7% gain.

The board of directors approved the 2025 results and guidance for 2026. The group ended the year with a net profit of EUR1.3 billion, up 15% from EUR1.15 billion the previous year. The board also proposed a dividend of EUR0.63 per share, a 21% increase over the previous year, when it was EUR0.52 per share.

Eni followed, with the "six-legged dog" stock gaining 2.3% to EUR21.765, after hitting a new 52-week high of EUR21.825.

Strength was also seen in Telecom Italia, which closed up 2.0%.

STMicroelectronics slipped slightly, leaving 0.6% on the floor at EUR28.95. During the session, the stock updated its 52-week high to EUR29.79 per share.

Shareholders' meetings of BPER Banca and Banca Popolare di Sondrio approved the merger by incorporation of PopSondrio into BPER, with the exchange ratio fixed at 1.45 BPER ordinary shares for each Popolare di Sondrio share.

BPER closed down 2.0% while PopSondrio shed 1.0%.

Among the bearish performers, UniCredit shed 3.8%, while Mediobanca left 3.9% on the floor.

At the bottom of the main list was MPS, down 4.3%, with trades exceeding EUR280 million.

On the Mid-Cap, Salvatore Ferragamo performed well, closing 11% in the green. The company announced Wednesday that it ended the 2025 financial year with an adjusted net loss of EUR3 million compared to a profit of EUR16 million in 2024, excluding the negative effect of the Impairment Test for both 2024 and 2025.

The board of Avio - down 8.8% - approved accounts showing a net profit of EUR11.6 million, up 82% year-on-year. Net revenues stood at EUR541.7 million, a 23% increase on an annual basis.

Iren closed down 0.9%. The company announced it signed a EUR225 million financing agreement with the European Investment Bank to support the Italian multi-utility's investment program for the 2025-2028 period.

At the bottom of the mid-cap list, Reply finished down 15%. The company closed 2025 with a group net profit of EUR250.9 million, up 19% compared to the EUR211.1 million recorded in 2024. The board will propose a dividend of EUR1.35 per share. Consolidated revenues stood at EUR2.48 billion, up 8.0% from EUR2.30 billion the previous year.

On the Small-Cap, Italian Sea Group closed the session at the top with a 6.1% rise.

OPS Retail finished at the bottom of the list with a 21% drop.

Enervit - up 1.4% - announced Thursday that it closed 2025 with a net profit of EUR4.3 million, up from EUR4.1 million as of December 31, 2024. The company proposed a dividend distribution of EUR0.215 per share, up from the EUR0.16 paid in 2024.

Esprinet - down 16% - announced Wednesday that it closed 2025 with a net profit of EUR20.2 million, down from EUR21.5 million in 2024. Pre-tax profit rose to EUR31.6 million from EUR28.9 million the previous year, while net profit per ordinary share stood at EUR0.41 compared to EUR0.44 in 2024. The board will propose a dividend of EUR0.35 per share to the assembly.

Gefran - down 4.1% - announced it approved the draft financial statements as of December 31, 2025, reporting revenues of EUR139 million, a 4.8% increase over EUR132.6 million in 2024. Net profit was EUR9.9 million, an 11% decrease of EUR1.3 million compared to EUR11.1 million in December 2024. The board will propose a dividend of EUR0.43, in line with the one paid in May 2025.

Among SMEs, Mare Group saw good buying - up 5.5% - after announcing Thursday that its board of directors resolved to join the voluntary public tender offer for all ordinary shares of Eles Semiconductor Equipment - down 0.3% - promoted by Xenon AIFM in its capacity as managing partner of Xenon Private Equity VIII.

Datrix - up 2.2% - announced Thursday its entry into the healthcare sector with a portfolio of adaptable AI solutions to support hospitals, pharmaceutical companies, and healthcare organizations.

Among the stocks with the highest trading value, expert.ai shed 1.6%, while eViso gained 1.6%.

Among the stocks at the bottom of the alternative list, Eprcomunicazione left 9.5% on the floor.

In New York, the Dow shed 1.1%, the Nasdaq retreated 1.4%, while the S&P 500 was in the red by 1.2%.

On the currency front, the euro changed hands at USD1.1520 from USD1.1643 on Tuesday, while the pound traded at USD1.3345 from USD1.3452 yesterday evening.

Among commodities, Brent traded at USD99.16 a barrel from USD92.62 a barrel on Wednesday, while gold was worth USD5,127.15 an ounce from USD5,167.50 an ounce yesterday evening.

Friday's macroeconomic calendar opens at 0800 CET in the UK with the publication of a series of economic activity data, including GDP, industrial production, trade balance, and the construction index.

Also at 0800 CET in Germany, the wholesale price index will be released.

At 0845 CET in France, the publication of the French CPI is expected.

At 0900 CET in Spain, two indicators on prices and industrial activity arrive, with Spain's PPI and CPI.

At 1000 CET in Italy, Italian industrial production is expected.

In the afternoon, attention shifts to the US. At 1330 CET, GDP and the PCE price index will be released.

At 1500 CET in the US, JOLTS new job openings data is scheduled.

The day ends at 1900 CET with Baker Hughes data on the total number of drilling rigs in the US.

Among Piazza Affari companies, results are expected from Biesse, Cembre, De' Longhi, El.En., Emak, Impianti, IRCE, LU-VE, MARR, and Neodecortech.

By Antonio Di Giorgio, Alliance News reporter

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