Sales flows weigh on markets; Amplifon at the bottom

(Alliance News) - The Mib - after an initial bullish spike - turned lower at the start of Monday's trading, reflecting investor caution across European markets as they continue to closely monitor the evolution of the conflict in Iran.

Attacks in the region continue and oil prices remain elevated, although statements by US President Donald Trump have raised expectations of an international commitment to reopen the Strait of Hormuz.

In parallel, investors are preparing for an intense week on the central bank front, with particular attention focused on the European Central Bank meeting on Thursday. President Christine Lagarde is expected to outline how the institution intends to support the Eurozone economy in the face of inflationary pressures linked to the conflict and surging energy prices.

Money markets are already pricing in an ECB rate hike by July, with an approximately 85% probability of a second intervention by the end of the year.

Consequently, the FTSE Mib is recording a loss of 0.4% at 44,125.40.

Among other European indices, London's FTSE 100 is advancing by 0.2%, Paris's CAC 40 is shedding 0.2%, while Frankfurt's DAX 40 marks a 0.1% decline.

Among the minor lists, the Mid-Cap is down 0.8% at 54,719.23, the Small-Cap is losing 0.5% at 33,357.99, while Italy Growth is advancing by 0.3% at 8,380.21.

Returning to Milan, STMicroelectronics started well, advancing 1.8% to EUR29.14 per share, lifting its head after three bearish sessions.

Amplifon - down 7.4% and at the bottom of the list - announced on Monday that it has signed a definitive agreement with GN Store Nord for the acquisition of the entire Hearing business through a combination of shares and a cash component. The transaction values GN Hearing at approximately EUR2.3 billion on a cash and debt-free basis. At closing, according to the terms of the agreement, GN will receive EUR1.69 billion in cash and 56 million Amplifon shares.

These shares will make GN the second-largest shareholder in Amplifon, after Ampliter Srl, with a stake of approximately 16%.

UniCredit - down 1.3% - announced on Monday the launch of a voluntary public exchange offer for Commerzbank AG shares with the aim of exceeding the 30% capital threshold required by German acquisition regulations, while specifying that it has no expectation of acquiring control of the German bank. The operation also aims to foster constructive dialogue with Commerzbank and its main stakeholders in the coming weeks. Gae Aulenti currently holds a direct stake of approximately 26% in Commerzbank and a further exposure of approximately 4% through total return swaps.

Generali, meanwhile, is shedding 0.6% to EUR34.02 per share. Notably, Goldman Sachs has revised its target price upwards to EUR36.90 from EUR36.30.

On the cadet segment, Sesa is advancing well, rising 3.8% to EUR80.35 per share after Friday evening's 2.0% loss.

Cembre is also moving up, rising 3.1% to EUR63.80 per share.

El.En is retreating by 2.4%. The company closed 2025 with a consolidated net profit of EUR43.4 million, down 16% compared to the EUR51.6 million recorded in 2024. The board of directors will propose to the shareholders' meeting the distribution of a dividend equal to EUR0.25 per share. For the previous financial year, the dividend was EUR0.22 per share.

MARR - in the red by 6.3% - announced on Friday that it closed 2025 with a consolidated net profit of EUR31.0 million, a 28% decrease compared to the EUR42.7 million recorded in 2024. The board of directors will propose to the assembly the distribution of a gross dividend of EUR0.47 per share, down from the EUR0.60 distributed for the previous year.

On the Small-Cap, Aeffe is advancing 6.4% to EUR0.24 per share, rebounding after three bearish sessions.

Good buying also on Aquafil, which is up 3.3% at EUR1.39 per share following Friday evening's 8.0% gain.

Biesse - in the red by 3.1% - announced consolidated results as of December 31, 2025, reporting a loss of EUR19.6 million, compared to the profit of EUR3.8 million recorded as of December 31, 2024. Consolidated net revenues fell by 12% to EUR662.5 million compared to EUR754.7 million recorded in the previous year.

IRCE - not yet traded - announced on Friday that it closed 2025 with a consolidated net profit of EUR6.2 million, a decrease compared to the EUR6.9 million recorded in 2024.

Among SMEs, Gismondi is up 5.4% at EUR1.37 per share after two bearish sessions.

Ecomembrane is advancing by 5.6%, heading for its third bearish session if confirmed at the close.

Circle - flat at EUR10.15 - announced on Thursday that it closed 2025 with a production value of EUR25.1 million from EUR14.6 million as of December 31, 2024. EBITDA stood at EUR6.1 million from EUR3.0 million in the previous year with a margin of 24% from 21% in 2024.

Xenia Hotellerie Solution - down 2.1% - announced on Monday that it has signed a binding agreement for the acquisition of the Hotel La Ruota 4-star business branch in Pianfei, Cuneo, and for a Rent To Buy contract for the real estate component. The operation has a total value of EUR3.0 million, including the purchase price of the business branch and the consideration for the real estate Rent To Buy. No liabilities will be acquired.

In New York on Friday evening, the Dow shed 0.3%, the Nasdaq 0.9%, while the S&P 500 closed in the red by 0.6%.

In Asia, the Nikkei ended its run down 0.1%, the Hang Seng closed up 1.5%, while the Shanghai Composite shed 0.3%.

On the currency front, the euro is changing hands at USD1.1439 from USD1.1441 on Friday, while the pound trades at USD1.3242 from USD1.3237 on Friday evening.

Among commodities, Brent is trading at USD105.97 per barrel from USD101.53 per barrel on Friday, while gold is worth USD4,986.79 per ounce from USD5,048.93 per ounce on Friday evening.

Monday's macroeconomic calendar includes the release of the Bundesbank monthly report in Germany at 1200 CET.

In the afternoon, attention shifts to the US. At 1415 CET, industrial production data will be released, while at 1630 CET, two US Treasury Bill auctions with three-month and six-month maturities respectively are on the agenda.

Among Piazza Affari companies, results are expected from Comer Industries, Dexelance, Garofalo Health Care, Tamburi Investment Partners, and nine other companies.

By Maurizio Carta, Alliance News reporter

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