Mib advances in 28,400 area; Iveco takes top spot

(Alliance News) - Mid-session Wednesday, the Mib advances to the 28,400 area, in line with the bullish trend performance of its European counterparts, where Paris alone marks a red. Traders assess "accommodative" comments by Fed officials, a drop in U.S. government bond yields, and growing concerns over the war in the Middle East.

On the Middle East war front, Israel is preparing its full ground offensive on Gaza and with some 300,000 troops in the south of the country, while last night Israel Defense Forces struck hundreds of "targets" in Gaza.

On the monetary policy side, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the rate confirmation in the Nov. 1 meeting has an 86 percent probability for the 525/550 bps range confirmation. In contrast, the 25 bps rise in the 550/575 bps target is priced at 14%.

The FTSE Mib, therefore, advances 0.3 percent to 28,409.59, the Mid-Cap gives up 0.5 percent to 39,321.49, the Small-Cap is in the green 0.1 percent to 25,470.10 while Italy Growth is down 0.4 percent to 8,046.31.

In Europe, London's FTSE 100 rises 0.1 percent, Paris' CAC 40 gives up 0.5 percent, while Frankfurt's DAX 40 marks plus 0.1 percent.

On the main list of the Italian stock exchange, the highs see Iveco, which rises with 3.3 percent, doing at the momenti best of all in scial to the eve's close with a plus 3.2 percent.

Strength also on Saipem, which moves ahead 3.0% with new price at EUR1.51. Of note, on the stock Jefferies raised the target price to EUR2.20 from EUR1.80 with 'buy' recommendation.

Also advancing well is Prysmian, which moves ahead 1.7 percent to EUR37.41, on the heels of eve's green close of plus 0.4 percent.

Azimut Holding gives up 0.4 percent after eve's 1.1 percent gain. The company Tuesday reported positive net inflows of EUR247 million in September, reaching EUR5.0 billion since the beginning of the year and with a full-year 2023 target of EUR6-8 billion, of which 60 percent or EUR3 billion was directed into asset management products.

Banca Generali retreats 0.3 percent, after closing the eve with a 0.3 percent gain. It reported Monday that it achieved net inflows of EUR373 million in September, up 42 percent from September 2022, bringing the total since the beginning of the year above EUR4.3 billion, up 7 percent from the same period last year albeit against a backdrop of high volatility in global financial markets.

On the cadet segment, however, Maire Tecnimont is advancing well, marking a plus 2.8 percent. Of note, Fosse Capital Partners cut its short position on the stock to 0.7 percent from 0.95 percent previously.

Antares appreciates 2.3%, bringing the price to EUR2.94, rearing its head after a long bearish trend.

Alerion, on the other hand, advances 0.2%. The company, which regularly continues with its buyback program. Most recently, it announced on Monday that it bought back 6,250 of its own ordinary shares between Oct. 2 and Oct. 6, for a total value of EUR157,000 or so.

At the tail end is Ariston Holding, which gives up 3.2 percent to EUR5.98 per share after last night's gain of 4.6 percent.

Sesa, on the other hand, gives up 1.5 percent. On Tuesday it announced that it had acquired, through its subsidiary Var Group Spa, 100 percent of the capital of Trias Mikroelektronik GmbH, thereby strengthening its expertise and software solutions for the engineering sector in the DACH Area.

On the Small-Cap, Somec marks a plus 4.2 percent, with new price at EUR29.50. The stock-which missed the ex-dividend this year-signs a gain of more than 34 percent on a year-to-date basis.

doValue, after closing up 7.3 percent, now gives up 0.1 percent. The company announced Monday that it will start with a 2.0 million share buyback program. The shares, equal to 2.5 percent of the company's share capital, can be taken over by October 25, 2024, and at Friday's price of EUR3.59, the amount invested would be EUR7.2 million.

Also trading well is Caleffi, which marks a plus 4.0 percent after two sessions ended in the red.

At the tail end, Netweek marks a minus 10%, bringing its week-on-week liabilities over 16%.

Marked selling also on Seri Industrial, which gives up 6.6 percent with new price at EUR3.13, although on a weekly basis it still remains afloat with plus 4.3 percent.

Among SMBs, Iervolino & Lady Bacardi advances with 5.1 percent on the heels of the 1.7 percent green of eve.

Edil San Felice - up 1.2% to EUR2.55 - announced Tuesday that it had completed the acquisition of all the shares of Sogem Srl, a Campania-based company active in the restoration and maintenance of protected assets, for a total of EUR410,000.

At the tail end, Ambromobiliare gives up 4.9% to EUR1.57, heading for its fourth consecutive bearish candle.

Planetel, on the other hand, gives up 4.7 percent, the subject of profit taking after two sessions in which it picked up a cumulative more than 18 percent.

In New York last night, the Dow closed up 0.4% at 33,739.30, the Nasdaq up 0.6% at 13,562.84, and the S&P 500 finished up 0.5% at 4,358.24.

Among currencies, the euro changed hands at USD1.0612 against USD1.0606 recorded in Tuesday's European equities close, while the pound was worth USD1.2288 from USD1.2271 Tuesday evening.

Among commodities, Brent crude is worth USD86.98 per barrel from USD87.35 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,870.75 an ounce from USD1,859.00 an ounce Tuesday evening.

Wednesday's macroeconomic calendar features the US mortgage report at 1300 CEST, while at 1430 CEST it will be the turn of the producer price index. At 1615 Waller's speech, and at 1815 CEST Bostic's. Expected at 2000 CEST are the FOMC minutes, while at 2230 CEST will come out the weekly oil stocks.

By Maurizio Carta, Alliance News reporter

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