Stock exchanges mixed; Brent over USD92

(Alliance News) - Major European stock exchanges close mixed on Tuesday, with Piazza Affari slightly up, on a day marked by the release of the half-year results of many PMIs.

Meanwhile, rising oil prices due to supply disruptions in Libya weigh on sentiment, says Axel Rudolph, Senior Market Analyst at online trading platform IG.

"Floods in Libya have caused supply disruptions in oil, the price of which has risen to 10-month highs on expectations of another drop in U.S. crude inventories. As market participants await August U.S. inflation data and the ECB's decision on interest rates later in the week, the U.S. dollar resumed its role as a safe-haven currency, resuming its rise after eight consecutive weeks of gains, the longest winning streak since 2014," Rudolph commented.

Thus, the FTSE Mib closed up 0.2 percent to 28,584.580, the Mid-Cap down 0.4 percent to 41,198.48, the Small-Cap in the red 1.0 percent to 26,520.93, and Italy Growth down 0.3 percent to 8,752.28.

In Europe, London's FTSE 100 ends up 0.4 percent, Paris' CAC 40 gives up 0.1 percent and Frankfurt's DAX 40 closes 0.5 percent in the red.

On the main index in Piazza Affari, Leonardo closed 0.4 percent in the red. It said Tuesday that defense industry leaders from the United Kingdom, Japan, and Italy have signed a trilateral collaboration agreement to develop the conceptual phase of a next-generation combat aircraft.

The agreement is part of the Global Combat Air Program, a collaboration between the three countries that aims to deliver a next-generation combat aircraft by 2035.

Campari ends up on the bottom and gives up 4.2 percent after announcing Tuesday that Bob Kunze-Concewitz, the company's CEO, has informed the board of directors of his decision to retire as of the April 11, 2024 shareholders' meeting.

Kunze-Concewitz will remain on the board as a nonexecutive memebro.

On the Mid-Cap, Seco takes the lead with 3.1 percent on the strength of half-year results that showed a profit of EUR10.0 million up from EUR6.8 million in the same period last year.

Adjusted net income rises to EUR12.6 million from EUR8.6 million, an increase of more than 46 percent.

Brembo did well, closing up 0.6 percent. SGL Carbon and Brembo have agreed to expand the production capacity of the Brembo SGL Carbon Ceramic Brakes joint venture, a statement announced Tuesday.

The two companies, together with BSCCB itself, have defined the project that will lead the JV to invest about EUR150 million until 2027 to expand production activities by more than 70 percent at its sites in Meitingen, Germany, and Stezzano, Italy.

Anima Holding closed up 0.2 percent. On Monday, it reported that it purchased 480,671 of its own shares between Sept. 4 and Sept. 8.

The shares were taken over at an average price of EUR3.7873 for a total consideration of EUR1.8 million.

Cembre's board of directors -- up 0.6 percent -- approved Tuesday the half-year financial report as of June 30 reporting a net profit of EUR23.9 million, up 31 percent from EUR18.2 million in the same period last year.

On the Small-Cap side, Centrale del Latte d'Italia closed up 18 percent after approving Tuesday its results as of June 30, a period in which the company reported revenues of EUR169.8 million compared to EUR145.0 million in 2022, an increase of 17 percent, "thanks to the ability to acquire new customers in the Dairy segment and an increase in the average sales price as a result of strong inflation that also characterized the first six months of the year," as the company explained in a note.

Esprinet finishes at the tail end with a 21 percent drop after announcing Tuesday that the board of directors approved the consolidated half-year financial report as of June 30 reporting a 65 percent drop in adjusted profit to EUR6.4 million from EUR18.3 million in the same period last year.

SAES Getters, in the red by 0.5 percent, on Tuesday reported consolidated revenues of EUR122.3 million, up 1.7 percent from EUR120.2 million in the first half of 2022.

Consolidated gross industrial profit stood at EUR53.5 million, up 0.5% from EUR53.2 million as of June 30, 2022

The board of directors of Landi Renzo -- in the red by 1.7 percent -- reported that the company posted a loss of EUR20.9 million in the first half of the year, worsening from a loss of EUR6.6 million as of June 30, 2022.

Among SMEs, Finanza.tech closed on top with an 18 percent rise after Tuesday's approval of its half-yearly report as of June 30, which shows a strong growth trend, with a triple-digit increase in net income to EUR804,464 from EUR330,588 in the first half of 2022.

Consolidated revenues amounted to EUR7.5 million from EUR2.1 million, also up triple digits from H1 2022.

Innovatec - in the red by 1.6 percent - announced Tuesday that as part of the process of strengthening the company's management team, the board of directors unanimously co-opted and appointed Pietro Colucci as the group's new CEO with immediate effect, giving him all executive powers.

Spindox -- in the red by 2.0 percent -- announced Tuesday that it has been chosen by Edenred Italy to provide first-level service desk, or support for the resolution of issues that directly impact the operations of internal users regarding the use of ICT applications and systems.

The contract covers a three-year period and has a total value of EUR1.7 million.

In New York at the height of trading on Tuesday, the Dow is in the green by 0.1 percent, the Nasdaq gives up 0.6 percent, and the S&P 500 is in the red by 0.3 percent.

Among currencies, the euro changes hands at USD1.0726 versus USD1.0745 in Monday's European equities close, while the pound is worth USD1.2478 instead, from USD1.2528 on Monday evening.

Among commodities, Brent crude is worth USD92.09 per barrel versus USD90.35 per barrel at Monday's close. Gold, meanwhile, trades at USD1,912.50 an ounce from USD1,944.75 an ounce on Monday evening.

On Wednesday's economic calendar, at 0150 CEST from Japan will come the BSI index of large manufacturing sentiment.

At 0800 CEST UK GDP is expected along with the trade balance and industrial and manufacturing production data.

At 1000 CEST, Italy's quarterly unemployment rate is expected, and at 1100 EST, Eurozone industrial production.

At 1110 CEST Italian 3- and 7-year BTP auctions are scheduled.

In the afternoon, from the U.S. will come at 1300 CEST details on mortgages while at 1430 CEST the monthly and annual CPI.

At 1630 CEST crude oil stocks will come out.

In Piazza Affari, the half-year results of Alkemy, Caleffi, CY4Gate, Fine Foods & Pharmaceuticals NTM, Franchetti, IRCE, Mondo TV, Orsero and Toscana Aeroporti are expected.

By Chiara Bruschi, Alliance News reporter

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