Mib advances; Stellantis at new annual high

(Alliance News) - The Mib closed its third weekly session higher, taking the point bar to the 29,600 area, following the trend of other major European exchanges where only London closed with a deficit balance. Among the macro data, new inflation data for Spain and Germany showed a decline in price growth in November, raising expectations that the ECB could begin, the conditional is a must, to cut rates starting next year.

Still on the subject of prices, on the domestic front, Italy's producer prices rose at a faster pace on a monthly basis and curbed the annual decline in October, Istat reported Wednesday. Italy's industrial producer prices rose 1.5 percent on a monthly basis in October after rising 0.6 percent in September. On a year-over-year basis, the 9.5 percent decline follows a 14 percent drop in the previous month.

Thus, the FTSE Mib closed up 1.1 percent to 29,688.45, the Mid-Cap rose 0.4 percent to 41,898.94, the Small-Cap gained 0.6 percent to 26,155.67, and Italy Growth closed up 0.1 percent to 7,898.47.

In Europe, Paris' CAC 40 closed up 0.3 percent, London's FTSE 100 gave up 0.4 percent, while Frankfurt's DAX 40 picked up 1.1 percent.

On the main list of Piazza Affari, Stellantis closed bullish with 5.3 percent at EUR19.71, a new 52-week high.

Also on a positive note was Banca Monte dei Paschi, which rose 3.9%. On MPS stock, it is reported that Marshall Wace cut its short position to 0.74% from 0.83%.

Good buys also on STMicroelectronics, which closed with a bullish candle of 2.9%, on the heels of eve's gain, albeit a modest 0.5%.

On a negative note, Campari left 2.4% at EUR9.93 on the parterre. JPMorgan downgraded the stock to 'underweight' from 'neutral' and cut target price to EUR8.30 from the previous EUR11.00.

Leonardo, on the other hand, left 0.3 percent on the parterre. Of note, the company announced Tuesday that it has received a new order from Omni Helicopters International - OHI - for three units, comprising two AW189s, powered by General Electric engines, and one AW189, with Safran engines.

On the Mid-Cap, OVS closed bullish by 6.6%, bringing the price to EUR1.97 and thus closing for the fourth session in a row with a bullish candle.

Digital Value rallied 3.9 percent, on its third bullish trend close.

Lottomatica Group - down 1.3 percent - announced that it has completed the pricing of a total amount of EUR500 million of its senior secured floating-rate bonds maturing in 2030 at an issue price of 99.5 percent, with a coupon equal to the sum of the three-month Euribor rate - subject to a floor of 0 percent - plus 4.00 percent per annum. The offering is scheduled to close on December 14.

Maire Tecnimont - in the red by 1.8 percent - on Tuesday signaled that it had made full early redemption of the bond to 2024, resulting in the delisting of the related bonds from the markets organized and managed by Borsa Italiana and the Luxembourg Stock Exchange. The redemption price of EUR165.3 million corresponds to 100 percent of the nominal amount of the bond, together with interest accrued since the last coupon payment date.

Sales, among others, also on Buzzi, which gave up 2.1 percent, in its sixth session on the bearish side.

On the Small-Cap, Seri Industrial took home a 6.6 percent gain after eve's gain of 2.0 percent.

Netweek, on the other hand, advanced 2.7 percent, pricing itself at EUR0.1514 and closing for the third session on the bearish side.

Gefran gained 1.2%, with the company proceeding steadily with its buyback program. Most recently, it disclosed that it purchased its own ordinary shares - between Nov. 20 and Nov. 24 - for a total value of about EUR81,000.

KME Group - in the red by 1.6 percent - announced on Tuesday that its subsidiary KME had finalized the closing of the agreement signed on November 9 with the pool of lending institutions with an increase in the amount of the lines by an additional EUR50 million and thus for a total amount up to EUR460 million. At the same time the closing of the outstanding factoring lines for EUR376.5 million was also completed.

Olidata fell 3.5 percent. The company signed a deal with Snam worth EUR25 million. The deal provides for Olidata's support-through its subsidiary Sferanet-for most of the Data Center, Data Management and Security, and Network Security components, and Snam's option to purchase according to its own plans.

Among SMBs, Energy closed bullish by more than 13 percent, on its third session in surplus.

Destination Italia - up more than 10 percent - reported Tuesday that the group exceeded EUR6.5 million in terms of its order book referring to tourist bookings of departures that will take place in the year 2024, marking an increase of more than 70 percent compared to the same period in the year 2022.

Circle - up 1.6 percent to EUR6.50 per share - 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.

Clabo, on the other hand, left over 10 percent on the parterre, subject to profit taking after four bullish sessions.

In New York, the Dow is rising 0.1 percent, the Nasdaq is just above par, and the S&P 500 is advancing 0.1 percent.

Among currencies, the euro changes hands at USD1.0965 against USD1.1002 recorded in Tuesday's European stock close while the pound is worth USD1.2674 from USD1.2703 on Tuesday evening.

Brent crude is worth USD82.38 per barrel versus USD81.99 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,041.00 an ounce from USD2,035.78 an ounce on Tuesday evening.

Thursday's macroeconomic calendar opens at 0050 CET with Japan's industrial production and retail sales. At 0230 CET it will be the turn of China's manufacturing PMI. At 0800 CET the UK house price index and from Germany the retail sales figure.

Again from Germany, at 0955 CET, the unemployment rate will be released, followed five minutes later by the Italian figure. Also from Italy, at 1100 CET, the inflation figure. At 1100 CET, the Eurozone inflation rate and GDP will also be released.

From the U.S., at 1430 CET coming in is the continuing unemployment claims and the PCE price index.

At 1730 CET, on the other hand, 4- and 8-week Treasury bond auctions are scheduled.

No special events are scheduled on the corporate calendar.

By Maurizio Carta, Alliance News reporter

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