Mib at its highest since 2008; Tenaris still leading the way

(Alliance News) - The Mib on Thursday continued in the bullish trend seen since the bell rang, surpassing the 32,300 mark, continuing its upward trajectory to reach new highs last seen in 2008, as investors assess a series of corporate results, including Tenaris, with sharply rising numbers.

Among domestic data, Istat on Thursday reported that the national consumer price index in January is estimated to have increased 0.3 percent on a monthly basis and 0.8 percent on an annual basis -- confirming the preliminary estimate -- from 0.6 percent in the previous month. The data, both on a monthly and annual basis, are in line with market estimates.

The FTSE Mib is marking a 1.1 percent rise to 32,339.24 points.

In Europe, London's FTSE 100 is advancing above parity, Paris' CAC 40 is in the green by 0.7 percent, and Frankfurt's DAX 40 is marking a green by 1.1 percent.

The Mid-Cap is rising 0.5% to 45,770.30, the Small-Cap is up 1.0% to 27,812.10, and Italy Growth is in the green 0.1% to 8,140.90.

On the Mib, STMicrolectronics advances 3.5% with new price at EUR42.40 after last night's slight gain of plus 0.1%.

Queen of the list from the opening is Tenaris, which advances 9.4% after releasing record 2023 accounts thanks to growth in revenues, EBITDA, and net income. During the year, revenues reached USD14.9 billion, up 26 percent from 2022. Net income approached USD4 billion, up 55% from the previous year.

Eni -- up 0.2 percent -- announced Wednesday that it bought back about 2.1 million shares between Feb. 12 and Feb. 16. The shares were taken over at a weighted average price of EUR14.4388 per share, for a total value of nearly EUR30.0 million.

Among the few declines was Hera, which posted a minus 0.7 percent, reversing course after three bullish sessions.

On the Mid-Cap, boost on Technoprobe, which marks a plus 4.5% to EUR9.28 per share after three bearish sessions.

Seco, on the other hand, advances 3.5 percent to EUR3.19 after 0.3 percent red on eve.

Brembo -- down 0.3% -- announced Thursday that it has opened its first production site in Thailand. The investment of about EUR40 million reflects the group's strategy to expand its industrial presence globally and allows Brembo to seize new growth opportunities in Southeast Asia, the company explained in a note.

EDGE, one of the world's leading advanced technology and defense groups, and Fincantieri announced Wednesday that they have signed a term sheet for the creation of a joint venture to seize opportunities in shipbuilding globally, with a focus on the production of a wide range of naval vessels and a UAE-based production chain worth an estimated EUR30 billion. EDGE will hold a 51 percent stake in the joint venture while Fincantieri will be in charge of management. Fincantieri's stock is giving up 0.4 percent.

Maire Tecnimont -- in the red by 1.5 percent -- announced Wednesday that NextChem, through its subsidiary NextChem Tech, has signed a binding agreement to acquire 80 percent of HyDEP Srl and 100 percent of Dragoni Group Srl. The purchase price for the two shares is approximately EUR3.6 million.

On the Small-Cap, boost on Beewize, which moves ahead 12 percent to EUR0.91, updating its 52-week high.

The board of directors of Autostrade Meridionali -- in the green by 9.6 percent -- on Wednesday reviewed the company's accounts for fiscal year 2023, with total revenues coming in at EUR6.7 million from EUR33.9 million in 2022. Profit was EUR1.5 million from EUR15.8 million in the previous year.

The company points out that the figures "are not comparable with the corresponding results as of December 31, 2022 in view of the fact that in the first quarter of 2022 Autostrade Meridionali was still managing the A3 Naples-Pompei- Salerno, a concession in which the new concessionaire took over as of April 1, 2022."

Boost also on Class Editori, which advances 6.7 percent to EUR0.1035 after 4.1 percent green on eve.

Tessellis--up 0.9%--reported that together with Istella it had signed a binding letter of intent for an overall investment transaction by Tessellis, or another company in the same group, in Istella. Renato Soru has, for personal reasons, irrevocably and unconditionally resigned as director and chairman of the board of directors of Tessellis.

Among SMEs, boost on expert.ai, which moves ahead 6.6 percent to its new 52-week high of EUR1.30.

Strength also on Ambromobiliare, which appreciates 5.3 percent to EUR1.38 per share, interrupting a six-session downtrend.

Vimi Fasteners -- down 2.3 percent -- reported Wednesday that it reported revenues of EUR61.3 million in 2023, up 15 percent from EUR53.3 million as of Dec. 31, 2022. The Vimi group's order backlog as of Dec. 31 also increased, covering the full year 2024 and amounting to EUR39.2 million, up from EUR37.7 million in backlog at the end of 2022.

Listing tail for International Care Company, which trades minus 6.0 percent at EUR1.25 per share, subject to profit taking after four bullish sessions.

In New York on European night, the Dow rallied 0.1 percent, the Nasdaq gave up 0.3 percent, and the S&P moved up 0.1 percent.

Among currencies, the euro changed hands at USD1.0856 against USD1.0809 recorded in Wednesday's European stock close, while the pound is worth USD1.2686 from USD1.2612 on Wednesday night.

Brent crude is worth USD83.34 per barrel versus USD82.57 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,030.13 an ounce from USD2,028.77 an ounce on Wednesday evening.

Thursday's macroeconomic calendar includes US jobless claims data, at 1430 CET, and PMIs, due at 1545 CET, before home sales data, due out at 1600 CET.

Crude oil stocks data will be released at 1700 CET while closing the day will be the Federal Reserve's balance sheet, due at 2230 CET.

By Maurizio Carta, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.