Order book on the sell side; MIB in the 49,000 area

(Alliance News) - European stock markets opened the session in negative territory, extending the weakness observed in the previous session, as reignited geopolitical tensions in the Middle East increase risk aversion across global markets.

Traders remain focused on developments in the Strait of Hormuz, where U.S. Navy units reportedly intercepted attacks attributed to Iran, responding with targeted operations. Despite President Donald Trump's statements regarding the stability of the ceasefire, the situation remains fragile and continues to support demand for defensive assets, contributing to rising energy prices and widening risk premiums.

On the monetary front, the market continues to price in approximately 50 basis points of further rate hikes by year-end, equivalent to two additional restrictive moves, with an estimated 75% probability of an initial tightening as early as the June meeting.

Consequently, the MIB is posting a loss of 0.5% at 49,070.24 points, the Mid-Cap is advancing 0.4% to 59,974.46, the Small-Cap is shedding 1.0% to 35,107.14, and Italy Growth marks a decline of 0.1% to 8,901.39.

The CAC 40 is shedding 0.9%, the DAX 40 is down 0.8%, while the FTSE 100 is posting a loss of 0.9%.

In Piazza Affari, on the MIB, Tenaris is among the few gainers, advancing 1.6% to EUR25.14 per share after two sessions in the red.

Prysmian, meanwhile, is up 0.8% at EUR144.75. Notably, Deutsche Bank raised its target price on the stock to EUR167.00 from EUR100.00.

Poste Italiane is advancing 0.5% to EUR23.41 per share. Berenberg confirmed its 'buy' recommendation on the stock, raising the target price to EUR28.60 from EUR26.40, compared to a price of EUR23.30 on May 7. In the report authored by Michael Huttner, the bank highlights that the group published first-quarter 2026 results that exceeded expectations and could benefit from further synergies related to the TIM transaction.

Poste Italiane recorded quarterly revenue of EUR3.46 billion and an adjusted Ebit of EUR905 million, exceeding consensus estimates of EUR3.39 billion and EUR861 million, respectively.

Telecom Italia - down 0.3% - plans to gradually exit its stake in Inwit, which is trading 0.2% lower, in a process that could last approximately ten years.

As reported by MF-Milano Finanza on Friday, during the presentation of quarterly accounts, the group led by Pietro Labriola presented a 'clear and realistic' plan for the exit from the towers, following a request from Consob after Inwit's complaint regarding the termination of the master service agreement.

Commerzbank - in the red by 0.7% - reiterated its critical stance on Friday regarding the offer launched by UniCredit, which is down 1.3%, stating that the plan presented by the Italian bank 'remains vague and presents considerable execution risks,' in the context of the publication of first-quarter results.

The German bank specified that the management board and the supervisory board will publish their reasoned opinion on the transaction 'in due course,' including a recommendation to shareholders, once a 'thorough review' of the offer document presented by UniCredit is completed.

In the mid-cap segment, Cementir Holding - down 6.4% - announced on Thursday that it closed the first quarter with a pre-tax profit of EUR7.4 million, down 76% from EUR30.3 million in the same period last year. The first quarter ended with revenue of EUR345.9 million compared to EUR368.1 million as of March 31, 2025, representing a 6.0% decline.

Safilo Group - up 7.2% - announced on Thursday that it closed the first quarter with net sales of EUR272.9 million, down from EUR285.8 million as of March 31, 2025. Gross industrial profit stood at EUR169.2 million compared to EUR173.0 million in the first quarter of last year.

Pirelli & C - up 1.9% - announced on Thursday that it closed the first quarter of the year with net profit up 23% to EUR156.8 million from EUR127.2 million as of March 31, 2025. Revenue amounted to EUR1.74 billion compared to EUR1.76 billion in the first quarter of 2025.

The board of Banco di Desio e della Brianza - down 0.3% - announced on Thursday that it closed the first quarter with a result of EUR37.6 million, up 1.7% compared to the same period of the previous year. Annualized ROE stood at 8.0%, compared to 9.3% at the end of 2025, while the cost of risk fell to 27 basis points from 33 basis points.

On the Small-Cap index, Datalogic is retreating 3.8%, subject to profit-taking after a streak of five positive sessions.

The board of IGD - down 1.0% - announced that it closed the first quarter of 2026 with a net profit of EUR5.7 million, an increase of EUR4.1 million compared to the same period last year. The board also confirmed its guidance for the full year, which forecasts a recurring net profit of at least EUR45 million by the end of 2026.

Generalfinance - in the red by 4.9% - closed the first quarter with a net profit of EUR5.1 million, down from EUR5.3 million as of March 31, 2025. Net interest income in the first quarter was EUR3.7 million compared to EUR3.3 million in the same period last year, while net commissions stood at EUR11.2 million compared to EUR11.1 million in 2025.

The board of Banca Profilo - down 0.9% - announced on Thursday evening that it closed the first quarter of 2026 with a consolidated net profit of EUR400,000, down from EUR2.2 million in the same period of 2025, in a context marked by the reorganization of Private Banking. The group nevertheless confirms a solid capital and liquidity position, with a CET1 ratio of 26.2% and an LCR of 430%, among the highest levels in the market.

Cairo Communication - down 0.6% - announced on Thursday that it has appointed the new board of directors, consisting of ten members. Urbano Cairo was appointed chairman of the board, while Uberto Fornara is the company's CEO.

Among SMEs, Ambromobiliare is retreating 3.7% to EUR0.65 per share.

Destination Italia is advancing 4.8%, following a 7.6% loss at Thursday's close.

Braga Moro - up 4.3% - announced on Thursday that the shareholders' meeting, during its last session where it reviewed the consolidated financial statements and approved the financial statements for the year ended December 31, 2025, appointed Graziano Petrigliano as a director of the company.

Growens - up 1.8% - announced on Thursday that it closed the first quarter with revenue of EUR20.9 million compared to EUR18.0 million as of March 31, 2025. First-quarter EBITDA tripled to EUR1.1 million from EUR300,000 in the same period last year.

In New York last night, the Dow shed 0.6%, the Nasdaq fell 0.1%, while the S&P 500 retreated 0.4%.

Among Asian markets, the Nikkei is posting a loss of 0.2%, the Shanghai Composite is flat, while the Hang Seng is shedding 0.9%.

On the currency front, the euro is trading at USD1.1744 from USD1.1768 on Thursday evening, while the pound is trading at USD1.3584 from USD1.3613 last night.

Among commodities, Brent is trading at USD100.66 per barrel from USD98.47 per barrel last night, while gold is worth USD4,710.92 per ounce from USD4,735.65 per ounce last night.

Regarding Friday's economic calendar, unemployment data from the US will be released at 1430 CEST, while the COT Report will be available in the evening at 2130 CEST, as is customary on Fridays.

By Maurizio Carta, Alliance News reporter

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