(Alliance News) - The Mib on Tuesday closed higher, crossing the 32,700 mark, confirming its highs since 2008 and following the bullish trend of the other major European exchanges, with only London slightly bearish.

In addition to the numerous corporate results that are gradually taking space on the calendars, trading rooms await this week's U.S. inflation figure, which could influence the Federal Reserve's next policy decision. Indeed, on Thursday, the PCE index and related core data-the Fed's preferred inflation indicator-are scheduled to be released, which analysts still estimate to be slowing.

Markets currently expect the U.S. central bank to hold interest rates steady in March and May, but positioning for a rate cut in June persists.

As a result, the FTSE Mib rose 0.5 percent to 32,706.44, the Mid-Cap gave up 0.1 percent to 46,066.94, the Small-Cap closed 0.2 percent in the red to 28,219.36, and Italy Growth picked up 0.6 percent to 8,262.14.

Paris' CAC 40 rallied 0.2 percent, Frankfurt's DAX 40 rallied 0.8 percent, and London's FTSE 100 - the only bearish one - closed just below par.

On the Mib, Campari closed among the best with a 2.9 percent gain after announcing net income of EUR332.5 million for 2023, up slightly from EUR3315 million in 2022. Revenues rise to EUR2.91 billion from EUR2.69 billion in 2022.

Saipem, the best among bluechips on the eve of the accounts, also rose, raising the bar 4.3 percent with new price at EUR1.49 per share. On the stock, Citadel Advisors raised its short to 0.50% from 0.44%, while PDR Partners raised it to 0.82% from 0.78% previously.

Prysmian, on the other hand, closed just above par at EUR44.30 per share. On Tuesday, it announced that it had finalized the contract for the order worth about EUR1.9 billion awarded by Eastern Green Link 2 Limited, a joint venture between SSEN Transmission and National Grid Electricity Transmission PLC, owners of the electric transmission systems in the UK.

Strength also on ERG, which closed appreciating 2.3 percent and bullish after three bullish daily candles. Of note, Helikon Long Short Equity Fund Master ICAV has a net short position on the stock of 0.52 percent.

Moncler has now gained 1.6 percent. On Saturday it reported--on behalf of Double R, Ruffini Partecipazioni Holding, and Grinta--that the latter, a Rivetti family vehicle, has served notice of withdrawal from Double R.

On a negative note -- on a day when selling on the banking segment prevailed -- BPER Banca left 1.3 percent on the parterre, subject to profit-taking after a four-session bullish mini-trend.

Banca Generali closed down 1.2%, bringing the price to EUR34.56, on the heels of the eve's loss that closed with minus 1.0%.

On the Mid-Cap, Tinexta did well, which advanced 4.2%, ringing up its third session on the bullish side.

Strength also on Mutuionline, which led the price up 4.0% on the heels of the eve's green close of plus 2.5%.

Also in the spotlight was OVS, which led the price up 2.9 percent and marking a bullish five. The company--which is continuing its buyback program--reported Monday that it had bought back its own ordinary shares between Feb. 19 and Feb. 23 for a total value of more than EUR593,000 or so.

At the other end of the list, Technogym closed 3.9 percent in the red at EUR8.95 per share. The company--which is continuing steadily with its buyback plan--reported Tuesday that between Feb. 19 and Feb. 23 it had purchased treasury shares worth EUR1.4 million.

Sales and rear-ends also for De'Longhi, bearish with 2.2 percent, following Monday evening's 0.5 percent drop.

PharmaNutra, on the other hand, closed 1.8 percent in the red after reporting Monday that the board approved the plan to merge Junia Pharmae Alesco into PharmaNutra. The two companies are wholly owned subsidiaries of PharmaNutra.

Among smallcaps, Fiera Milano rallied 6.8 percent to EUR3.04 per share. The stock-which has been missing the ex-dividend since 2020-closed with a high trading volume of more than 490,000 changed hands compared to a three-month daily average of about 151,000.

Mondo TV, down 1.1 percent, announced Monday that it has signed a new agreement with Warner Bros. Discovery to license in Italy the animated series Maca&Roni, produced by the Korean Acommz and aired on the K2 group's kids channel.

Beewize, on the other hand, gave up 5.5 percent, the subject of profit-taking after eve's green with more than 10 percent.

IGD left over 16 percent on the parterre. The company disclosed Tuesday that it had ended 2023 with a net loss of EUR81.73 million, specifying that it was discounting higher fair value changes and financial charges. For the full year, recurring net income (FFO) was EUR55.4 million, down more than 17 percent from 2022.

In any case, the company pointed out that the result is higher than the guidance communicated to the market last November, which forecast FFO at the end of the year at around EUR53 million.

Among SMEs, expert.ai advanced more than 13 percent to EUR1.59 per share, after a 7.2 percent gain on the eve.

Also doing well was Datrix, which closed 13% ahead at EUR2.06 per share, after 0.5% green on eve.

Marzocchi Pompe -- down 1.0 percent -- announced Monday that it had finalized the purchase of a new plant for an amount of about EUR1.0 million, thus taking "another step in its strategic plan to enlarge the Zola Predosa complex."

Espe gave up more than 14 percent with new price at EUR3.46 per share, the subject of profit-taking after five sessions closed with significant gains since the listing last week.

Omer, on the other hand, gave up 4.0 percent after reporting Monday that it ended 2023 with a value of production of EUR66.8 million, up 6 percent from EUR63.3 million in 2022. This increase was mainly driven by growth in production volumes at parent company Omer.

In New York, the Dow Jones is giving up 0.5 percent, the S&P is giving up 0.1 percent, and the Nasdaq is advancing 0.2 percent.

Among currencies, the euro changes hands at USD1.0856 against USD1.0850 recorded in Monday's European stock close while the pound is worth USD1.2694 from USD1.2678 on Monday evening.

Brent crude is worth USD83.27 per barrel versus USD82.06 per barrel at Monday's close. Gold, meanwhile, trades at USD2,034.11 an ounce from USD2,029.65 an ounce on Monday evening.

Wednesday's calendar includes at 1000 CET Italian business and consumer confidence levels while at 1100 CET it will be the turn of the same data from the Eurozone. At 110 CET, an auction of Treasury bonds with five- and 10-year maturities is scheduled in Italy.

At 1300 CET, on the other hand, the mortgage report will be released from the U.S., while at 1430 CET, the Gross Domestic Product figure for the fourth quarter is due. At 1630 CET, the report on crude oil stocks and Cushing's invenatario will arrive, in addition to the EIA report.

Among the speeches to follow are those of Bostic and Williams of the FOMC, scheduled at 1800 CET and 1845 CET, respectively.

Among companies, results from G Rent, Lottomatica Group, Moncler, Poste Italiane, Prysmian and Saipem are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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