Mib above 28,600; BPER at new annual high

(Alliance News) - The Mib moves bullish on Thursday to be trading above the 28,600 level, in line with the performance of other European exchanges, with trading rooms shining the spotlight on corporate quarterly reports as well as awaiting speeches by ECB President Lagarde and Fed Chair Powell later in the day, hoping to get more guidance on monetary policy paths.

As for the ECB, it would conclude with interest rate hikes unless it faces other shocks, said Bank of France Governor and Governing Council member François Villeroy de Galhau.

Also regarding the Eurotower, ECB Vice President Luis de Guindos said that any talk of reducing borrowing costs in the coming months is premature, citing continued upside risks to inflation.

"We will see how things evolve month by month, but our approach now is to keep interest rates at this level long enough to achieve our goal," Guindos told the Slovenian daily Finance in an interview published Thursday. "Any discussion about lowering interest rates is clearly premature." The remarks echo those of Bundesbank President Joachim Nagel, on the same wavelength.

The FTSE Mib, therefore, is up 0.5 percent at 28,628.27.

Paris' CAC 40 is up 0.8 percent, Frankfurt's DAX 40 is up 0.5 percent, and London's FTSE 100 is advancing 0.2 percent.

Among other listings in Milan, the Mid-Cap is up 0.6 percent 40,631.49, the Small-Cap is in the green 0.6 percent at 25,391.89, and Italy Growth is just below par at 7,672.13.

On the main list in Piazza Affari, top of the list for Nexi, which advances 6.9 percent, confirming itself as the best performer since the bell rang. The board of directors on Wednesday evening approved the consolidated financial results as of September 30. In the first nine months of the year, revenues stood at EUR2.44 billion, up 7.0% from EUR21.28 billion in the same period last year.

BPER Banca also continues in the highs, advancing 3.5 percent to EUR3.24 and touching a new 52-week high at EUR3.26 per share.

Banco BPM, on the other hand, is advancing 2.3 percent on the heels of the bullish candle with which it closed eve and updating the new 52-week high at EUR5.04.

The board of Snam -- up 0.6 percent -- meeting announced Thursday that it had approved consolidated results for the first nine months, which closed with a net profit of EUR1.04 billion from EUR997 million in the same period last year. The board also approved the distribution of an interim 2023 dividend of EUR0.1128 per share, to be paid from January 24, 2024.

Telecom Italia -- in the green by 1.1 percent -- reported Wednesday that the first nine months ended with a loss of EUR1.12 billion compared with a loss of EUR2.73 billion in the same period a year earlier.

Among the few bearers, Prysmian showed a decline of 0.7 percent, heading for the third session to end with a negative balance.

On the cadet segment, Carel Industres advances with 3.7% aiming for the third session to close with bullish candle.

Industrie de Nora, on the other hand, takes the top spot on the list, rising 4.9% and rebounding after the previous three bearish sessions.

Good trades also on Anima Holding, which scores a plus 1.6 percent on the heels of the previous two bullish sessions. Net inflows of assets under management in October and published Wednesday were negative EUR438 million. At the end of October, the group's total assets under management stood at about EUR182 billion.

Deutsche Bank cut Tod's target price to EUR36.00 from EUR40.00. The stock sits at the bottom of the list with a loss of 4.6 percent. The company reported revenues for the first nine months that rose to EUR828.4 million from EUR724.9 million in the same period a year earlier.

Rear-ends also for Zignago Vetro, which retreated 3.9 percent on the heels of the eve's 1.2 percent decline.

On the Small-Cap, boost on Alkemy, which advances 2.6 percent to EUR7.41 per share after eve's decline with 2.0 percent.

Proceeding at a good pace is Landi Renzo, which appreciates 4.6% to EUR0.4550 pointing to its fourth bullish daily candle.

Gives ground to Bastogi-after having opened with a good positive balance-which marks a minus 1.5% after the eve's 2.2% decline.

Rear-ends for Netweek, which proceeds bearish by 7.6 percent to EUR0.17 and marking during the session a new 52-week low at EUR0.162.

Among PMIs, Grifal is pushing ahead with 2.6 percent after two sessions of contraction.

ESI, on the other hand, is advancing with 5.3 percent, registering high trading volume in the 44,100 area compared to a three-month daily average of 18,700 pieces.

EdiliziAcrobatica -- in a 0.4 percent letter -- reported Thursday that it reported revenues of EUR118 million in the first nine months of the year, up 6.0 percent from EUR111 million in the same period last year.

In the red, among several bearish performers, Casta Diva is down 2.7 percent, lifting its foot off the accelerator after two bullish sessions.

In New York on Wednesday, the Dow Jones closed in the red 0.1 percent to 34,112.27, the S&P finished up 0.1 percent to 4,382.78, and the Nasdaq closed in the green 0.1 percent to 13,650.41.

Among currencies, the euro changed hands at USD1.0689 against USD1.0687 recorded at Wednesday's European equities close, while the pound was worth USD1.2289 from USD1.2268 last night.

Among commodities, Brent crude is worth USD80.45 per barrel from USD80.76 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,947.60 an ounce from USD1,958.02 an ounce last night.

Thursday's macroeconomic calendar includes in the afternoon, jobless claims from the U.S., at 1430 CET, two hours before gas stocks data 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 Maurizio Carta, Alliance News reporter

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