European stock exchanges down; ERG on Mib good

(Alliance News) - On Thursday, major European stock exchanges open lower amid profit-taking as traders assess the economic and monetary policy outlook, awaiting U.S. GDP data this afternoon and the core PCE index on Friday.

As a result, the FTSE Mib opens in the red 0.3 percent to 30,286.09, the Mid-Cap gives up 0.5 percent to 44,165.58, the Small-Cap is in the red 0.1 percent to 27,503.22, and Italy Growth is just below par at 8,113.65.

In Europe, London's FTSE 100 gives up 0.3 percent, Paris' CAC 40 is in the red by 0.4 percent as is Frankfurt's DAX 40.

On the Mib, ERG takes the top spot among the bullish few and gains 0.5 percent. The company announced Thursday the signing of a major agreement with Apex Clean Energy Holdings LLC, a leading U.S. independent clean energy developer, to create a strategic partnership with a mission to manage a portfolio of wind and solar plants already in operation and potentially develop it. The consideration for the acquisition of the 75% majority stake is USD270 million.

UniCredit also rises 0.4 percent, while BPER Banca and Monte dei Paschi advance 0.3 percent.

Banca Monte dei Paschi di Siena announced Wednesday that it has strengthened its leadership in the agrifood sector with a new digital collection and payment solutions offering developed together with Nexi - down 0.1 percent - for wine and agritourism companies. This initiative is part of Banca MPS's broader strategy to support the agrifood, agricultural-recreational and dop economy sectors, confirming its historical focus on the needs of the primary sector, a key asset of the country's economy.

Stellantis opens in the red by 0.5 percent after ACEA's November data showed, for the group, a 7.3 percent drop in sales in Europe compared to November 2022. In the European market, however, registrations were up 6.7 percent compared to November 2022.

On the Mid-Cap, Sesa opens in the red by 0.8 percent. The company announced Tuesday that it had approved results for the six-month period ended Oct. 30 with a net profit of EUR41.6 million from EUR41.1 million in the same period a year earlier. Adjusted net income attributable to the group was EUR50.1 million from EUR45.9 million as of Oct. 30, 2022, up 9.1 percent year-on-year. Revenues and other income grew 15 percent to EUR1.50 billion from EUR1.31 billion in the same period 2022.

Maire Tecnimont is on par at EUR4.76. The company announced Wednesday that Conser, licensor of biodegradable plastics technologies and a subsidiary of Nextchem, a Maire Group company, has been awarded by a major customer the licensing of the technology and the supply of the catalyst as part of a larger project located in northwestern China.

Credito Emiliano--flat at EUR8.01--reported Tuesday that Credito Emiliano Holding Spa has purchased 740,000 shares of the bank's common stock. The shares were taken over at an average unit price of EUR8.1832, for a total consideration of EUR6.1 million.

On the Small-Cap, Greenthesis - flat at EUR0.97 - announced Thursday that it had finalized its entry, with 40 percent, into a newco called GKSD Green Solutions Srl with partner GKSD Srl, a company belonging to the San Donato Group.

Openjobmetis opens with a theoretical upside of 25 percent. The company's board of directors met Thursday to review the communication received from Groupe Crit SA regarding the signing of memorandum of understanding for the direct and indirect purchase of all OJM shares held by Omniafin Spa, M.T.I. Investimenti Srl and Plavisgas Srl.

Groupe Crit's purchase of the shares would be carried out at a price of EUR6.5 per OJM share and would result in the company holding a total stake of approximately 57.7 percent of OJM's share capital and approximately 53.6 percent of the voting rights.

Based on the number of OJM shares currently outstanding, the consideration implies an equity value of OJM of about EUR203.0 million.

Bioera gives up 7.4 percent. The company reported Wednesday that the auditors of RSM Spa said they were unable to express an opinion on the company's half-yearly report.

Underlying RSM's inability to express an opinion on Bioera's accounts are several issues, such as impairment of the auditor's independence, as a result of non-payment of fees for services rendered; the use of the going concern assumption, in relation to which the auditing firm asserts that it has not acquired sufficient and appropriate evidence on which to base its opinion; and the valuation of the investment in Splendor Investments SA, in relation to which RSM believes sufficient and appropriate evidence has not been provided to support the carrying value.

FILA -- in the green by 0.9 percent -- reported Wednesday that the listing of its Indian subsidiary DOMS Industries Ltd on the National Stock Exchange of India has been successfully completed.

DOMS' shares were placed at INR790 each, or about EUR8.64 per share, which is the top of the identified share valuation range.

Among SMEs, Cyberoo - in the green by 1.0 percent - announced Thursday that it will "ensure the cybersecurity of one of the main business consulting companies present in Italy."

FOS is still not trading. The company announced Wednesday that it is leading the R&D project "Demetra: a systemic and integrated approach based on aquaponics and waste valorization for the creation of a pilot food system."

The value of the project is EUR5 million, of which EUR2.5 million is funded by the Ministry of Enterprise and Made in Italy through the MISE call for proposals.

In Asia, the Nikkei closed 1.6 percent in the red at 33,140.47, the Hang Seng finished fractionally in the green at 16,621.00, and the Shanghai Composite closed 0.6 percent in the green at 2,918.71.

In New York,the Dow closed 1.3 percent in the red, the Nasdaq gave up 1.5 percent as did the S&P 500.

Among currencies, the euro changed hands at USD1.0949 against USD1.0955 recorded at Wednesday's European stock close while the pound is worth USD1.2634 from USD1.2659 on Wednesday evening.

Brent crude is worth USD79.81 per barrel versus USD80.05 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,036.21 an ounce from USD2,034.30 an ounce on Wednesday evening.

Thursday's macroeconomic calendar includes, at 1100 CET, the producer price index data in Italy.

From the U.S., at 1430 CET, it will be the vote on continuing unemployment claims, the PCE price index and GDP. At 1730 CET, an auction of four- and eight-week Treasury bills is scheduled, while at 2230 CET, the Federal Reserve's weekly balance sheet will be released.

Among the companies in the business square, no particular announcements are expected.

By Chiara Bruschi, Alliance News reporter

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