Mib drops to 28,700; Iveco holds out in green

(Alliance News) - On Thursday, Piazza Affari closed in the red, placing the point bar in the 28,700 area, as investors continued to weigh new quarterly results, as well as put the Bank of England's monetary policy decision, the latest after the Fed and ECB to raise the cost of money, under the magnifying glass.

The central bank raised its main interest rate by 25 basis points to a 15-year high of 5.25 percent. The Bank of England also said it expects GDP growth to remain stable at a quarterly pace of 0.2 percent in the near term.

Thus, the FTSE Mib gave up 0.9 percent to 28,702.74, the Mid-Cap closed in the red 0.5 percent to 42,221.87, the Small-Cap 0.3 percent to 26,861.71, and Italy Growth retreated 0.5 percent to 8,964.29.

Paris' CAC 40 gave up 0.9 percent, the DAX 40 0.8 percent while London's FTSE 100 closed down 0.6 percent.

On the bearish-dominated Mib, BPER Banca gave up 4.1 percent, with new price at EUR2.8830, after reporting Wednesday evening that its half-year profit amounted to EUR719.5 from EUR1.39 billion down 48 percent from June 30, 2022. Net interest income stood at EUR1.54 billion, up 97% from EUR785.4 million as of June 30, 2022.

STMIcroelectronics, on the other hand, left 2.8% on the parterre, ending for the third session in a row on the bearish side.

Rear-ends also for Telecom Italia, which closed down 3.9 percent after reporting that it had closed the first half of the year with a loss as its debt grew. The loss was EUR813 million worse from a EUR483 million liability in the same period a year earlier. As Francesco Bonazzi writes in Alliance News, "the group led by Pietro Labriola explained that the growth in debt was attributable to the needs arising from financial management, higher lease liabilities and the payment of dividends from Telecom Brasil. At the end of June, the liquidity margin was EUR7.86 billion and allows coverage of the group's maturing financial liabilities for at least the next 18 months."

Among the few bullish performers, Interpump brought home a green of 1.1 percent, on the eve of the publication of its half-yearly report.

Iveco also fared well, closing 1.9 percent positive and marking its sixth green session in a row.

On the cadet segment, Datalogic closed the session with a 12 percent loss. On Wednesday it released its consolidated half-year financial report as of June 30 reporting a profit of EUR12.1 million down from EUR8.8 million recorded in the first half of 2022. The company, however, writes in a note that "the group's expectations for the second half of the year are for a decrease in sales compared to the previous year."

The board of Carel Industries -- down 1.9 percent -- approved consolidated results as of June 30, which closed with a net profit of EUR40.3 million compared to EUR34.8 million as of June 30, 2022.

WIIT, on the other hand, dropped 8.2 percent to EUR17.44 per share, after reporting that it had slightly increased its half-year profit.

BFF Bank, on the other hand, closed down 4.6 percent despite good half-year numbers, ending its third session in a row among the bearish. Accounting profit for the first half wasEUR76.1 million, up 34 percent year-on-year.

Advancing Buzzi, which picked up 7.6 percent thanks to good accounts in the first half of the year. Net income attributable to shareholders rose toEUR431 million fromEUR89 million.

Tinexta also did well, marking a plus 6.1 percent with new price at EUR17.80.

On the SmallCap, boost on Italian Sea Group, which marks plus 1.3% after eve's green with 0.7%.

Good session also for doValue, which closes ahead 1.6 percent despite a slight drop in profit, as shown in the half-year accounts released Wednesday. Net debt was EUR479.0 million as of June 30, which compares with EUR432.7 million as of March 31.

FILA--up 3.8 percent--reported Thursday that in the first half of the year it posted a net income for the period of EUR21.2 million, down from EUR24.9 million in the same period last year. Total revenues amounted to EUR420.5 million up from EUR396.8 million in the same period last year.

Netweek left 2.1 percent on the parterre after two sessions ended among the bullish.

The board of directors of Cairo Communication -- down 1.6 percent -- on Thursday reviewed and approved the half-year financial report as of June 30, 2023, which closed with a net profit attributable to the group was about EUR15.9 million from EUR11.3 million in the first half of 2022. In the first half, the group confirmed consolidated gross revenues at EUR599.2 million from EUR598.6 million in 2022.

Giglio Group, on the other hand, gave up 3.8 percent, following up on the eve's red, albeit by a smaller 0.3 percent.

Among SMEs, Italia Independent advanced 6.1 percent, after four sessions ended among the bearish.

Energy, on the other hand, picked up 3.1 percent, following up eve's gain with 0.9 percent.

FAE Technology gave up 7.2%, in its third bearish session.

CrowdFundme, on the other hand, gave up 5.3 percent, following eve's green with 0.8 percent.

In New York on Wednesday, the Dow Jones is giving up 0.1 percent, the S&P is giving up 0.2 percent, and the Nasdaq is just above par.

Among currencies, the euro changes hands at USD1.0947 versus USD1.0935 on Wednesday's European equities close while the pound is instead worth USD1.2717 from USD1.2700 on Wednesday evening.

Among commodities, Brent crude is worth USD84.89 per barrel versus USD83.36 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,935.41 an ounce from USD1,970.85 an ounce on Wednesday evening.

On Friday's economic calendar, at 0930 CEST, construction PMIs from Italy, France, Germany and the Eurozone are due, and an hour later, the same data will come for UK. At 1000 CEST, focus on Italian industrial production while at 1100 CEST it will be the turn of Eurozone retail sales.

From the US, at 1430 CEST, will come several labor market reports, including unemployment and hourly earnings.

At 1900 CEST, eyes on the Baker Hughes drilling rig data and, as usual on Fridays, the COT Report will arrive.

Among the companies in the Square of Business, the half-year reports of Alkemy, MARR, Interpump, Masi Agricola and Tesmec, among others, are expected.

By Maurizio Carta, Alliance News reporter

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