A trader noted that there are some short coverings, but caution continues to dominate in a market that remains volatile.
In Asia this morning, Tokyo's stock exchange suffered another steep drop, with the Nikkei index falling by 3.61%.
As for oil, Brent Crude rose by 2.8%, although prices pulled back from their highs after U.S. President Donald Trump ordered insurance guarantees for navigation in the Gulf and stated that the U.S. Navy could escort oil tankers through the Strait of Hormuz.
Around 10:05 am, the Ftse Mib index was up by 0.11%. After recent sharp declines, the year-to-date balance for the main blue chip index is down 0.20%.
Banks were mixed, having been heavily hit by a letter, with the sector index down 0.4%. UNICREDIT was little changed, while INTESA slipped 0.6%. The main drag on the index was MPS, which lost 4.5%, weighed down by rumors that the nominations committee did not include CEO Luigi Lovaglio in the shortlist for the board renewal scheduled for today. A trader reported that the market reacted negatively to the lack of confirmation for CEO Lovaglio, who oversaw the entire operation on MEDIOBANCA (-3.86%). As a result, governance issues triggered sell-offs in shares of the Siena-based bank.
In the defense sector, LEONARDO remained strong with a 2.5% jump, while FINCANTIERI advanced by 0.4%.
Uncertainty lingered over utilities, penalized by surging gas and electricity prices. ENEL rose by 1.2%, partially recovering after recent losses, while A2A was little changed. ITALGAS slipped 0.4% after reporting Q4 2025 results, which were "slightly better than expected on EBITDA," according to an Equita daily.
MAIRE was flat, awaiting 2025 results and an update to its strategic plan.
Money flowed into LOTTOMATICA, which climbed 4% following yesterday's gains on the back of results.
(Giancarlo Navach, editing by Stefano Bernabei)
