Mib active in 29,300 area; Inwit best-performer

(Alliance News) - The Mib closed in the green on Tuesday--positioning the bar above the 29,300 area--in a mixed trend among European exchanges, with trading rooms showing caution ahead of inflation data due this week that will provide more information on the Fed and ECB on whether they may indeed have completed their interest rate hike cycles.

The European Central Bank believes the euro zone is likely to remain weak for the rest of the year. ECB President Christine Lagarde told the European Parliament that rising interest rates and weak demand are holding back economic development.

Lagarde confirmed her well-known stance on monetary policy, and the ECB Governing Council expects that key interest rates will have to be kept at the current level for a sufficiently long time to restore price stability.

As a result, the FTSE Mib marked a green of 0.1 percent to 29,376.74, the Mid-Cap rose with 0.3 percent to 41,748.09, the Small-Cap closed just above par at 25,990.80, and Italy Growth picked up 0.3 percent to 7,887.42.

In Europe, London's FTSE 100 closed just below par, Paris' CAC 40 gave up 0.2 percent and Frankfurt's DAX 40 picked up 0.2 percent.

On the main list in Piazza Affari, Iveco Group--among the few bullish investors--marked a green of 2.6 percent after announcing Monday that the European Investment Bank has granted financing of up to EUR500 million to contribute to electrification, efficiency and safety in the transport sector through investment in research, development and innovation. In detail, the EUR450 million loan signed in Turin represents the first tranche of the total EUR500 million approved by the EIB's board of directors. The loan, with an eight-year amortization profile, "will be fully drawn down in the short term," the company note says. The investments will be made, by the end of 2025, mainly in Italy, but also in Germany, France, Spain, the Czech Republic and Switzerland.

Good purchases were also made on ERG, which confirmed the good performance it has started since the bell rang. The stock advanced 1.6 percent to EUR26.14 per share, in its third closed session among the bullish.

Also on a positive note was Banca Monte dei Paschi, which brought home a 1.2 percent gain. On the stock, Marshall Wace cut its short position to 0.74 percent from 0.83 percent.

Inwit, on the other hand, rallied 3.5 percent, doing better than all, after eve's 0.6 percent gain. The company, which is proceeding steadily with its buyback program, most recently announced Monday that it bought back -- between Nov. 20 and Nov. 24 -- ordinary shares worth a total of about EUR857,000.

Telecom Italia closed in the red by 0.6 percent. The company announced that it had begun organizing the so-called NetCo, the business unit that will be contributed to FiberCop upon the closing of the transaction to sell the fixed network to Kohlberg Kravis Roberts & Co. LP, scheduled for the summer of 2024. The business "will include the fixed network infrastructure and relevant real estate, whose management, wholesale business and the entire stake in the subsidiary Telenergia it will be in charge of," the company specified in a note.

DiaSorin, meanwhile, gave up 2.8 percent to EUR85.16 per share, in its fourth bearish session.

Moncler, on the other hand, posted minus 1.1 percent, on its third bearish session.

On the Mid-Cap, Sesa gave up 0.9%, on the heels of the eve's passive close of minus 2.4%.

Brunello Cucinelli, on the other hand, contracted 3.4 percent with price at EUR74.45. The company - which will switch to trade on the Mib in December - closed Monday's session down 0.8 percent.

LU-VE gave up 2.0%, veering into negative after two sessions closed with a bullish candle.

Marble Bar Asset Management revised its short on Industrie De Nora up 0.82 percent from 0.78 percent, with the stock closing 0.4 percent ahead.

OVS, on the other hand, rallied 1.2 percent. On the stock, it is reported that Marshall Wace revised its short position to 0.93% from 0.89%.

Lottomatica, a wholly owned subsidiary of Lottomatica Group, which rose 1.1 percent, announced Monday plans to issue and place bonds for a total aggregate amount of EUR500.0 million.

Green also for Antares, which advanced 7.9 percent to EUR2.67 after falling 2.8 percent on the eve.

On the Small-Cap, Olidata positioned itself in the highs with a 4.6 percent rise. The company announced Monday that it has signed a deal with Snam worth EUR25 million. The deal provides for Olidata's support-through its Sferanet controlalta-for most of its Data Center, Data Management and Security, and Network Security components, and Snam's option to purchase according to its own schedule.

Gefran, on the other hand, closed with a 2.2 percent bullish candle, with the company proceeding steadily with its buyback program. Lastly, it disclosed on Monday that it had purchased its own ordinary shares - between Nov. 20 and Nov. 24 - for a total value of about EUR81,000.

Netweek, on the other hand, closed down 8.0 percent with its price at EUR0.15, following up the eve's decline with 1.2 percent.

Mondo TV left the parter 7.7 percent at EUR0.24 per share, in its sixth straight session on the bearish side.

Among SMEs, Italia Independent advanced about 8.6 percent, after closing down 7.9 percent in the previous session.

expert.ai, on the other hand, appreciated 4.0%, in its fifth session on the bullish side.

Circle -- in the money by 4.9 percent -- announced Monday evening the approval by FILSE on behalf of Regione Liguria of the "TULIP" project, an acronym for Terminal and mUltimodal Logistic Innovations for the Port and hinterland environment. The 18-month project awards Circle a grant of about EUR220,000 and will have a positive impact on several logistics sectors, starting with port terminals and inland nodes.

Giglio.Com gave up 3.8 percent, on its seventh session in negative balance.

In New York, the Dow is advancing 0.5 percent, the Nasdaq is in the green by 0.4 percent, while the S&P 500 is advancing equally by 0.4 percent.

Among currencies, the euro changes hands at USD1.1002 against USD1.0937 recorded in Monday's European stock close, while the pound is worth USD1.2703 from USD1.2610 on Monday evening.

Brent crude is worth USD81.99 a barrel from USD80.68 a barrel at Monday's close. Gold, meanwhile, trades at USD2,035.78 an ounce from USD2,012.80 an ounce on Monday evening.

Wednesday's macroeconomic calendar includes, at 1000 CET, the arrival of Italy's business and consumer confidence data. An hour later will be the turn, again from Italy, for the release of the producer price index, consumer and business confidence.

At 1110 CET an auction of Italian bonds with 5- and 10-year maturities is scheduled, while at 1200 CET it will be the turn of Italian industrial sales.

At 1300 CET from the US will come the mortgage market report, while from Germany will come the inflation figure at 1400 CET from Destatis.

At 1430 CET are coming the US GDP, at 1630 CET oil stocks, EIA report and Cushing's inventory. At 1945 there will instead be a speech by FOMC member Mester.

No special appointments are scheduled in the corporate calendar.

By Maurizio Carta, Alliance News reporter

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