Mib flat before Fed and ECB; banks good

(Alliance News) - Piazza Affari also closed without much change on Wednesday's session before the Federal Reserve and European Central Bank decisions on interest rates arrive in less than 24 hours.

The FTSE Mib closed up 0.1 percent to 28,980.45, the Mid-Cap fell 0.3 percent to 42,086.63, the Small-Cap fell 0.2 percent to 26,782.79 and Italy Growth lost 0.1 percent to 9,067.82.

In Europe, London's FTSE 100 closed down 0.2 percent, Paris' CAC 40 lost 1.4 percent and Frankfurt's DAX 40 gave up 0.5 percent.

On the highest-capitalization list in Piazza Affari, Campari closed down 3.1 percent after reporting that it ended the first half of the year with a net profit of EUR217.6 million, up from EUR199.5 million in the same period last year. Adjusted net income was EUR234.6 million, up from EUR220.6 million.

Gross margin was EUR872.3 million-equivalent to nearly 60% of sales-from EUR766.5 million in H1 2022 and up 14% in value terms. Gross margin was up 13% organically, with margin dilution of minus 50 basis points. Group sales were EUR1.45 billion, up from EUR1.25 billion in the same period the previous year.

Stellantis rose 2.7 percent after announcing Wednesday that it posted a net profit of EUR10.92 billion in the first half of the year, up 37 percent from the first half of 2022, when it was EUR7.96 billion.

Net sales for the period amounted to EUR98.37 billion, up 12 percent from EUR88.00 billion in the same period of 2022. Adjusted operating income is EUR14.13 billion, up 11 percent from the first half of 2022 when it was EUR12.72 billion.

Hera gained 1.2 percent. As of June 30, net income rose to EUR208.0 million, up 3.1% from EUR201.7 million in H1 2022, with a tax rate of 27%. Net income attributable to group shareholders stood at EUR187.7 million, up 2.4% from EUR183.3 million as of June 30, 2022.

In the first half of the year, revenues amounted to EUR8.3 billion compared to EUR8.9 billion as of June 30, 2022, mainly due to lower energy commodity prices and lower gas volumes sold related to the mild weather in the first part of the year.

UniCredit's board of directors -- up 0.3 percent -- approved the consolidated half-yearly report as of June 30, 2023, with the first half ending net income at a record level of EUR4.4 billion, an increase of 91 percent over the same half of last year. Excluding integration costs recorded in the second quarter, net accounting profit was EUR4.5 billion, recording the best first half year ever.

Net revenues were EUR5.9 billion in the second quarter, up 24 percent year-on-year. As for the capital position, UniCredit shows a CET 1 ratio at 16.64 percent, including EUR1.5 billion in dividends accrued in the first half of the year.

UniCredit's accounts pushed up the entire banking sector, with BPER, MPS, and BPM leading the bullish side with gains between 1.1 percent and 3.9 percent.

On the Mid-Cap, Acea lost 1.8 percent after seeing adjusted net income rise during the first half of the year, a period in which capital expenditures increased and revenues fell slightly year-on-year, as disclosed Tuesday.

The company's adjusted net profit -- post minority interests -- rose 6 percent to EUR144 million from EUR138 million in the same period a year earlier while the unadjusted figure fell 22 percent to EUR142 million from EUR183 million.

ENAV gained 0.7 percent after it, through its subsidiary IDS AirNav, a leading international company in aviation information management systems, signed a contract with Taiwan's air navigation services provider ANWS Air Navigation and Weather Services.

The five-year contract has a total value of EUR5 million.

Sesa closed up 0.2 percent after announcing Wednesday that its wholly owned subsidiary Computer Gross has acquired through Altinia Distribuzione a 60 percent stake in Maint System Srl thereby strengthening its managed printing services and solutions offering.

Maint System, headquartered in Desio and employing about 45 human resources, specializes in offering business IT services and solutions for the printing segment, in partnership with major international brands, with revenues of more than EUR4 million, an Ebitda margin of about 20 percent and a net profit equal to 10 percent of revenues, with a Net Financial Position at closing active for about EUR1 million.

Among the small-cap companies, Mittel finished up 1.4 percent after making it known that it will continue its diversification of investments in Italian companies of excellence by entering the sector of production and distribution of PVC windows and doors with high quality technical performance through the acquisition of a stake in the company Gruppo Finestre.

The acquisition transaction involved the purchase, through its own means, of 100% of gruppo Finestre for a price of EUR13.2 million by the vehicle Italian Windows Group, established by the Mittel group as the holding company of the new window and door investment sector.

Fiera Milano rose 2.6 percent. The company reported a net profit of EUR25.7 million from EUR5.3 million in the same period last year.

In the first half, consolidated revenues amounted to EUR132.2 million from EUR116.2 million as of June 30, 2022. Consolidated Ebitda amounted to EUR41.6 million from EUR39.5 million last June. Ebit for the six-month period amounted to EUR16.2 million compared to EUR15.8 million in 2022.

Among the SMEs on the Italian Stock Exchange, ErreDue -- up 1.2 percent -- reviewed on Wednesday some unaudited preliminary management data for June 30, showing growth in sales and service revenues of about EUR7.8 million, up 45 percent from the same period in 2022 when they were EUR5.4 million.

The total backlog is about EUR10.5 million, of which more than 80 percent refers to the current fiscal year. Added to the order backlog of EUR8.3 million is EUR1.1 million from leases of on-site gas generators and EUR1 million from service and spare parts.

4AIM Sicaf closed down 0.5 percent after announcing on Wednesday that the relationship with Davide Mantegazza, the company's chief financial officer and investor relator, was terminated by mutual agreement for personal reasons.

The company informs that activities to select a new CFO were promptly initiated and the CEO, Giovanni Natali, has taken over the role of investor relator on an interim basis.

Sciuker Frames lost 0.3 percent after initiating preparatory activities functional to the completion of the acquisitions of the entire share capital of Diquigiovanni, through deWol Contract, a wholly owned subsidiary of Sciuker Frames, and the entire share capital of D&V Serramenti, through deWol Retail, also a wholly owned subsidiary of Sciuker Frames.

The board of directors resolved to increase the share capital with exclusion of pre-emptive rights, for cash and in divisible form, by a maximum of 807,873 ordinary shares at a price of EUR23.50 per share for a maximum of approximately EUR19.0 million, of which EUR80,787.30 will be capital and EUR18.9 million will be share premium. This increase will be executed on the date of the completion of the acquisitions expected in the coming weeks and will be to be offered for subscription by December 31, 2023 to the sellers of the stakes in DQG and D&V Serramenti.

In New York, the Dow is down 0.1 percent at 35,394.17, the Nasdaq is just below par at 14,139.55, and the S&P 500 is in the red 0.2 percent at 4,559.68.

Among currencies, the euro changes hands at USD1.1067 versus USD1.1023 in Tuesday's closing European equities while the pound is instead worth USD1.2924 from USD1.2835 Tuesday evening.

Among commodities, Brent crude is worth USD83.19 per barrel versus USD82.82 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,964.65 an ounce from USD1,959.21 an ounce Tuesday evening.

Thursday's macroeconomic calendar opens with GfK's report on German consumer confidence at 0800 CEST, followed - an hour later - by Spain's retail sales and unemployment rate data and, at 1000 CEST, Italian household and business confidence. Also in Italy, two auctions of five- and 10-year BTPs will be held at 1110 CEST.

The most anticipated moment of the day is definitely the ECB's announcement on rates, scheduled at 1415 CEST, followed by the lecture by the president, Christine Lagarde, half an hour later.

From the US, will come data on Gross Domestic Product, goods orders and jobless claims, all at 1430 CEST, and the Fed's balance sheet, at 2230 CEST. In the afternoon, at 1730 CEST, four- and eight-week T-Notes will be auctioned while seven-year T-Notes will be offered at 1900 CEST.

Among Piazza Affari companies, eyes will be on the results of Amplifon, Azimut Holding, Banca Generali, Brembo, DiaSorin, Eni, Lottomatica Group, Maire Tecnimont, Prysmian, Snam, STMicroelectronics, Terna and Webuild, among others.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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