(Alliance News) - Piazza Affari closed slightly lower on Thursday, with traders awaiting tomorrow's U.S. inflation data and having already disposed of today's data on the performance of the U.S. economy.
The U.S. economy expanded at an annual rate of 4.9 percent in the third quarter, slightly lower than the 5.2 percent second estimate but equal to the 4.9 percent initially reported in the advance estimate.
The data were released Thursday by the U.S. Bureau of Economic Analysis. The figure mainly reflects a downward revision in consumer spending, as well as imports.
Axel Rudolph, senior market analyst at IG, said, "The strongest expansion in U.S. Gross Domestic Product since the fourth quarter of 2021, initial claims for unemployment benefits unexpectedly remaining at two-month lows, and rapidly declining U.S. Treasury bond yields provided additional impetus to U.S. equity indexes."
"While they have returned to trading near their recent all-time highs, European stock indexes see a session in the red. Worse-than-expected retail sales in the UK dampened the FTSE 100's progress after three consecutive days of gains."
The FTSE Mib closed Thursday down 0.3 percent to 30,274.26, the Mid-Cap lost 0.1 percent to 44,346.06, the Small-Cap rose 1.0 percent to 27,789.27, and Italy Growth gave up 0.3 percent to 8,090.53.
In Europe, London's FTSE 100 closed down 0.3%, Paris' CAC 40 gave up 0.2% and Frankfurt's DAX 40 lost 0.3%.
On the Mib, ERG rose 2.3 percent. The company announced Thursday the signing of a major agreement with Apex Clean Energy Holdings, a leading U.S. independent clean energy developer, to create a strategic partnership with a mission to manage a portfolio of wind and solar plants already in operation and potentially develop it. The consideration for the acquisition of the 75% majority stake is USD270 million.
Eni closed at a breakeven after announcing Thursday that Plenitude has strengthened its commitment to the energy transition through the entry of Energy Infrastructure Partners, a fund specializing in Renewables and Energy Transition, as a minority shareholder.
EIP joins Plenitude by acquiring a stake of up to 9 percent, through subscription to a capital increase, for a total amount of up to EUR700 million, which values Plenitude's post-entry equity at around EUR8 billion. Taking debt into account, Plenitude's Enterprise Value resulting from the transaction is more than EUR10 billion.
Banca Monte dei Paschi di Siena - down 0.6 percent - announced Wednesday that it has strengthened its leadership in the agrifood sector with a new digital collection and payment solutions offering developed together with Nexi - down 0.1 percent - for wine and agritourism businesses. This initiative is part of Banca MPS's broader strategy to support the agrifood, agricultural-recreational and dop economy sectors, confirming its historical focus on the needs of the primary sector, a key asset of the country's economy.
Stellantis finished little moved after ACEA's November data showed, for the group, a 7.3 percent drop in sales in Europe compared to November 2022. In the European market, however, registrations were up 6.7 percent compared to November 2022.
On the Mid-Cap, Fincantieri was up 0.9% after reporting Thursday that Vard, the company's Norwegian subsidiary, signed a contract to design and build a cable-laying ship for Prysmian, which was 1.0% in the red on the Mib. The value of the contract is EUR320 million.
Sesa gave up 0.3%. The company announced Tuesday that it had approved results for the six-month period ended October 30 with a net profit of EUR41.6 million from EUR41.1 million in the same period a year earlier. Adjusted net income attributable to the group was EUR50.1 million from EUR45.9 million as of Oct. 30, 2022, up 9.1 percent year-on-year. Revenue and other income grew 15 percent to EUR1.50 billion from EUR1.31 billion in the same period 2022.
Maire Tecnimont gained 1.0 percent after announcing Wednesday that Conser, licensor of biodegradable plastics technologies and a subsidiary of Nextchem, a Maire Group company, has been awarded by a major client the licensing of the technology and the supply of the catalyst as part of a larger project located in northwestern China.
On the Small-Cap, Greenthesis gave up 0.2 percent after announcing Thursday that it had finalized its entry, with 40 percent, into a newco called GKSD Green Solutions with partner GKSD Srl, a company belonging to the San Donato Group.
Openjobmetis gained more than 25 percent. The company's board of directors met Thursday to review the communication received from Groupe Crit regarding the signing of Memorandum of Understanding for the direct and indirect purchase of all OJM shares held by Omniafin Spa, MTI Investimenti and Plavisgas.
The purchase of the shares by Groupe Crit would be carried out at a price of EUR6.5 per OJM share and would result in the company holding a total stake of approximately 57.7 percent of OJM's share capital and approximately 53.6 percent of the voting rights.
Based on the number of OJM shares currently outstanding, the consideration implies an equity value of OJM of about EUR203.0 million.
Bioera divested 15 percent after reporting Wednesday that RSM's auditors said they were unable to express an opinion on the company's half-yearly report.
Underlying RSM's inability to express an opinion on Bioera's accounts are several issues, such as impairment of the auditor's independence as a result of non-payment of fees for services rendered; the use of the going concern assumption, in relation to which the auditing firm asserts that it has not acquired sufficient and appropriate evidence on which to base its opinion; and the valuation of the shareholding in Splendor Investments SA, in relation to which RSM believes sufficient and appropriate evidence has not been provided to support the carrying value.
FILA--up 0.6 percent--reported Wednesday that the listing of its Indian subsidiary DOMS Industries Ltd on the National Stock Exchange of India has been successfully completed.
The shares of DOMS were placed at INR790 each, or about EUR8.64 per share, which is the top of the identified share valuation range.
Among SMEs, Cyberoo--up 0.7 percent--reported Thursday that it will "ensure the cybersecurity of one of the main business consulting companies present in Italy."
FOS gave up 0.6 percent after announcing Wednesday that it is leading the R&D project "Demetra: a systemic and integrated approach based on aquaponics and waste valorization for the creation of a pilot food system."
The value of the project is EUR5 million, of which EUR2.5 million is funded by the Ministry of Enterprise and Made in Italy through the MISE call.
In New York, the Dow is up 0.7 percent to 37,322.04, the Nasdaq rises 0.8 percent to 14,899.00, and the S&P 500 marks a 0.8 percent increase to 4,733.76.
Among currencies, the euro changes hands at USD1.0991 versus USD1.0955 recorded at Wednesday's European stock close while the pound is worth USD1.2660 from USD1.2659 on Wednesday evening.
Brent crude is worth USD79.17 per barrel versus USD80.05 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,039.32 an ounce from USD2,034.30 an ounce on Wednesday evening.
Friday's macroeconomic calendar opens with Japan's inflation, at 0030 CET, and then continues with Britain's Gross Domestic Product, at 0800 CET, the same time as Germany's import prices are released. After 45 minutes, however, it will be the turn of French producer prices and consumer confidence.
At 0900 CET, room for Spanish GDP, which anticipates Italian business and consumer confidence by an hour. Also from Italy, eyes on the non-EU trade balance at 1100 CET and industrial sales at 1200 CET.
Overseas, at 1430 CET, U.S. construction and durable goods premise data will be released, along with the more market mover PCE, the Federal Reserve's preferred inflation measure.
Michigan inflation expectations data will arrive at 1600 CET along with data on home sales. At 1900 CET, the day will close with Baker Hughes drilling rig numbers.
Of note, trading in London will end earlier than usual, at 1330 CET.
Among the companies in the Square Business, no special events are planned.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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