Mib drops to 40,100; purchases on Terna and Enel

(Alliance News) - The FTSE MIB fell back towards 40,100 on Thursday, in line with the performance of the main European indices, in a risk-off environment driven by renewed concerns about the US fiscal situation.

Investor sentiment remains cautious as they await concrete developments on the Trump administration's tax reform proposal, currently under negotiation and potentially up for a vote as early as today, fueling fears about fiscal sustainability in the medium to long term.

As a result, the FTSE Mib is down 1.0% at 40,136.15 points.

Among the smaller indices, the Mid-Cap is down 0.5% to 54,122.28, the Small-Cap is down 0.6% to 31,256.68, while the Italy Growth is down 0.1% to 7,914.02.

The FTSE 100 in London is down 0.7%, the CAC 40 in Paris is down 1.1%, and the DAX 40 in Frankfurt is down 0.8%.

Back in Milan, Pirelli is up 0.1%, on track for its fourth session to close with a bullish candle.

Enel is up 0.2%, after falling 0.1% yesterday, which interrupted a six-session upward trend.

Among the few bulls is Terna, which is up 0.2% at EUR8.88, updating its 52-week high.

UniCredit, down 1.0%, announced on Thursday that it had received authorization from the Single Resolution Board and would therefore proceed with the early redemption of its EUR 1.25 billion Fixed to Floating Rate Callable Senior Notes due June 16, 2026. The company further explained that the early redemption of the securities will be made at par together with accrued and unpaid interest.

Banca Monte dei Paschi di Siena, down 1.4%, announced that it had completed the placement of a new issue of Senior Preferred Unsecured bonds, fixed-rate with a maturity of six years expiring in 2031 and with an early redemption option after five years, for an amount of EUR 500 million.

The board of directors of Assicurazioni Generali - down 1.9% - announced on Thursday that it had approved the financial report as of March 31, closing with a net result of EUR 1.19 billion, up from EUR 1.25 billion in the first quarter of 2024.

On the Mid-Cap, Maire is at the top of the list, advancing 4.9% after a 0.1% decline the previous day, with a price of EUR10.95 per share. It should be noted that Jefferies raised its target price to EUR11.01 per share.

Fincantieri also performed well, rising 2.4% to EUR14.81 per share, aiming for its seventh consecutive bullish candle.

MFE-MediaForEurope announced on Wednesday that it had closed the first quarter with a sharp increase in profits, to EUR 51.4 million from EUR 16.8 million in the same period last year. Class A shares are down 0.1%, while Class B shares are down 0.2%.

Also on a negative note, Banco di Desio e della Brianza is down 2.0%, subject to profit taking after seven bullish sessions.

CIR, on the other hand, is down 2.7%. The company is continuing its buyback program, most recently announcing on Monday that it had purchased 850,000 ordinary shares between May 12 and 16, for a total value of approximately EUR 520,000.

On the Small Cap market, Centrale del Latte d'Italia rose 2.7%, after falling 1.3% the previous day, to EUR2.98 per share.

I Grandi Viaggi rose 3.3%, its fifth session of gains.

Landi Renzo rose 3.8%, also on track for its fifth consecutive day of gains.

Eurogroup Laminations fell 6.3%, after two sessions in which it gained a total of over 17%.

Among SMEs, Fope took a step forward with a 3.1% gain, updating its 52-week high to EUR34.60 and currently trading at around EUR33.40 per share.

Mare Engineering Group, up 1.4%, announced on Thursday that it had acquired a new significant order in the Aerospace & Defense sector, reaching EUR 12 million since the beginning of the year. The company explained in a statement that the contracts will be executed over 24 months, with at least 40% expected to be delivered by 2025.

Maps - up 1.1% - announced on Wednesday that its subsidiary Artexe, in a temporary consortium with Engineering, has been awarded a new contract with the South Tyrol Health Authority. The three-year agreement, worth a total of EUR 1.8 million, covers the supply, evolutionary maintenance, and expansion of existing business intelligence and data-driven governance systems.

Among the many decliners, Riba Mundo fell 5.9% to EUR2.56 per share, after gaining 2.3% in the previous session.

In New York, the Dow closed down 1.9%, the Nasdaq was down 1.4%, while the S&P 500 closed down 1.6%.

Among Asian markets, the Nikkei closed down 0.8%, the Shanghai Composite was down 0.2%, while the Hang Seng is taking a step back of 1.2%.

Among currencies, the euro is trading at USD 1.1299 from USD 1.1338 on Wednesday evening, while the pound is trading at USD 1.3397 from USD 1.3441 yesterday evening.

Among commodities, Brent crude is trading at USD 63.92 per barrel from USD 65.07 per barrel on Wednesday evening, while gold is trading at USD 3,309.97 from USD 3,311.40 per ounce yesterday evening.

In Thursday's macroeconomic calendar, at 1:30 p.m. CEST, the ECB will release the minutes of its latest monetary policy meeting.

From the US, at 2:30 p.m. CEST, jobless claims will be released, while at 3:45 p.m. CEST, it will be the turn of the services and manufacturing PMI data.

In the evening, at 10:30 p.m. CEST, focus will be on the Federal Reserve's weekly balance sheet.

By Maurizio Carta, Alliance News reporter

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