(Alliance News) - Piazza Affari closed higher Wednesday on a day still marked by a number of results from listed companies, which will continue into early next week.
Chris Beauchamp, Chief Market Analyst at IG, said, "After a slow start to the week, things have picked up for equities. European markets have made solid gains while things are more muted on Wall Street. Overall, however, the near-term outlook continues to be good for equity markets."
"Oil has fallen sharply from its highs and inflation expectations have also declined. Investors no longer seem to fear the arrival of further rate hikes, although they seem to be going a little too far in anticipating multiple rate cuts in 2024."
The FTSE Mib closed up 0.2 percent to 32,998.70, the Mid-Cap finished up 0.1 percent to 28,433.33, the Small-Cap rose 1.0 percent to 40,395.92, and Italy Growth gained 0.5 percent to 7,674.89.
In Europe, London's FTSE 100 closed down 0.1 percent, Paris' CAC 40 gained 0.7 percent and Frankfurt's DAX 40 rose 0.5 percent.
On the main list in Piazza Affari, Recordati veered downward after a good start, marking a decline of 2.7 percent. The company said Tuesday that the group achieved results in the first nine months that exceeded expectations and therefore planned to exceed the 2025 revenue and profit targets set last February.
As of September 30, the group reported net income at EUR304.5 million up 26 percent from EUR241.5 million in the same period of 2022. Adjusted net income amounted to EUR406.6 million from EUR355.9 million in the first nine months of 2022.
Banca Monte Paschi Siena -- up 3.3 percent -- reported Wednesday that it returned to growth in the first nine months of the year, reporting a net profit of EUR929 million compared with a loss of EUR334 million in the same period of 2022. In the third quarter, profit stood at EUR310 million.
UniCredit -- up 0.9 percent -- on Tuesday issued a EUR750 million senior preferred green bond with a maturity of six years and three months and the possibility of early redemption after five years and three months, aimed at institutional investors. The issuance comes following a book-building process that gathered demand for more than EUR2 billion from more than 150 investors globally.
The board of Banco BPM -- up 1.3 percent -- on Tuesday approved the balance sheet and income statement as of September 30, a period that ended with a positive net profit of EUR943.4 million from EUR487.4 million in the corresponding period of 2022.
Among the bullish, list minority, FinecoBank is moving well, advancing 1.9 percent. The bank reported Tuesday that net income doubled to EUR454.2 million in the first nine months of the year compared with the same period last year, when it amounted to EUR302.7 million.
As of September 30, revenues were EUR916.7 million, up 34 percent from 2022 when they were EUR684.1 million.
Terna's board of directors -- down 0.2 percent -- approved the results as of September 30, reporting a net income of EUR641.7 million, up EUR54.8 million from EUR586.9 million in the first nine months of 2022. The board also resolved to distribute an interim ordinary dividend for fiscal 2023 of EUR0.1146 per share, up 8 percent from the previous year.
Revenues for the first nine months of 2023, at EUR2.24 billion registered an increase of EUR254.7 million compared to the corresponding period of 2022, when they were EUR1.99 billion.
In the cadet segment, Technoprobe confirms its good start, advancing 5.9 percent to EUR7.79 or so per share after a 1.0 percent rise in the eve.
EuroGroup Laminations, meanwhile, marks a gain of 1.1%, for the third session in a row closed on the bullish side.
Credito Emiliano marks a 0.6 percent rise after reporting Wednesday that it nearly doubled net income in the first nine months, to EUR439 million from EUR226.2 million in the same period of 2022.
The result comes after expensing EUR58 million in contributions to troubled bank management funds and was influenced by positive financial margin performance and the cost of risk, which remained at low levels.
The board of directors of Banca Popolare di Sondrio -- up 1.1 percent -- on Tuesday approved the consolidated interim report as of Sept. 30, which closed with a consolidated net profit of EUR348.6 million compared with EUR151.3 million in the comparison period. This result comes from a consolidated gross profit of EUR507 million, from which taxes of EUR158.4 million must be deducted, corresponding to a tax rate of 31 percent.
Zignago Vetro -- down 1.2 percent -- reported Tuesday that it closed the first nine months with revenues up 18 percent year-on-year to EUR545.9 million from EUR464.3 million in the same period a year earlier. Ebitda flew to EUR168.5 million from EUR97.3 million, and operating income rose to EUR116.0 million from EUR51.9 million.
On the Small-Cap, Softlab climbed 2.4 percent and reversed course from this morning's negative start.
The board of Banca Profilo -- down 1.5% -- on Wednesday approved the consolidated interim report on operations as of September 30, a period that ended with a net profit of EUR10.6 million, up EUR2.2 million from the result for the same period last year, when it was EUR8.4 million.
Gabetti rises 3.0 percent after a 3.9 percent decline in the eve.
Among SMEs, however, Casta Diva advances 14 percent to EUR1.30 or so per share, heading for the third session to close among the bullish. On Tuesday it announced that it has signed a share purchase agreement to acquire a 100 percent stake in Akita Srl-the wholly owned parent company of Akita Off Srl-one of Italy's leading commercial production houses.
GEL, on the other hand, picks up 3.3 percent to EUR1.26 per share after four sessions ended among the bearish.
In New York, the Dow is up 0.1% at 34,174.28, the Nasdaq is down 0.1% at 13,620.55, and the S&P 500 is just above par at 4,379.59.
Among currencies, the euro changes hands at USD1.0687 against USD1.0688 recorded at Tuesday's European stock close, while the pound is worth USD1.2268 from USD1.2304 last night.
Among commodities, Brent crude is worth USD80.76 per barrel from USD82.54 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,958.02 an ounce from USD1,965.78 an ounce last night.
Thursday's macroeconomic calendar opens with Japanese banks' loans at 0050 CET, followed by UK house prices at 0101 CET and the expected Chinese inflation figure at 0230 CET.
The European Central Bank's monthly report will come at 1000 CET while a 12-month BOT auction will be held in Italy at 1110 CET.
In the afternoon, focus on jobless claims from the U.S. at 1430 CET, two hours before data on gas stocks and three hours before the auction of four- and eight-week Treasury bonds.
Later in the day, several central bank representatives will speak, with Christine Lagarde at 1830 CET and Jerome Powell at 2000 CET among the most anticipated. The calendar closes with the Federal Reserve's budget, coming up at 2130 CET.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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