Mib drops to 28,800 area; bankers on the upswing

(Alliance News) - The Mib trades in a bearish direction on Thursday, with the point bar marking 28,800, mirroring the performance of other European exchanges, mainly due to signals from the Fed that interest rates will remain higher for an extended period. In addition, traders await interest rate decisions from the Bank of England, while they welcomed, with surprise, the pause in the rate hike campaign by the Swiss Central Bank.

As a result, the FTSE MIB is down 1.2 percent to 28,875.70.

In Europe, London's FTSE 100 is giving up 0.5 percent, Paris' CAC 40 is giving up 1.1 percent, and Frankfurt's DAX 40 is marking minus 0.8 percent.

Among the smaller lists, the Mid-Cap is down 0.9 percent to 40,526.21, the Small-Cap is in the red 0.5 percent to 26,224.08, and Italy Growth marks a 0.6 percent decline to 8,540.74.

On the main list in Piazza Affari, green for Banca Monte dei Paschi, which advances 0.5 percent to EUR2.73 per share.

Also in the black are other stocks in the banking segment including UniCredit, which advances 2.3 percent to EUR23.61 and thus rising to the top of the list. The banking group on Wednesday announced plans to launch a tranche of its share buyback program for up to EUR2.5 billion.

Saipem, trailing, contracted 4.4 percent after declining 2.9 percent on the eve, aligning with the bearish trend in the barrel price.

Also going under is Tenaris, which marks a minus 3.1%. On the stock it is mentioned that Citadel Advisors on Monday raised its short position on the stock to 0.6 percent from 0.52 percent previously.

Eni - in the 1.5 percent letter - disclosed Wednesday that it purchased 680,917 of its own shares on Sept. 11. The shares were taken over at a weighted average price of EUR14.9723 for a total value of EUR10.0 million.

Terna, on the other hand, is giving up 1.8 percent. As disclosed by the company on Thursday, electricity demand in our country in August totaled 25.7 billion kWh, a decrease of 1.1 percent compared to the same period in 2022. This value was achieved with the same number of working days - amounting to 22 - and a slightly lower average monthly temperature than in August 2022 by 0.6. Adjusting the figure from these effects, the change changes sign by recording a plus 0.7 percent compared to August 2022.

On the cadet segment, among the few bullish performers is Zignago Vetro, which moves ahead 1.1 percent after four sessions closed among the bearish.

Also active for Rai Way, which advances 0.9% with new price at EUR5.02 per share rearing its head after two sessions closed among the bearish.

Eurogroup Laminations marks minus 2.1 percent, following up the previous three sessions among the bearish.

Webuild--down 4.7 percent and worst on the list--on Wednesday evening announced the terms of its senior unsecured fixed-rate bonds, the net proceeds of which will be used to repay the company's existing debt. The total principal amount of the new bonds is EUR450 million with a subscription price of 98.982 percent of their face value. The maturity date is September 27, 2028, and the related annual coupon is 7%.

Rear-ends also for Ariston Holding, which retreats 2.3 percent. On the stock it is mentioned that Arrowstreet Capital on Wednesday initiated a short position on the stock at 0.5 percent.

On the Small-Cap, boost on Safilo Group, which confirms the good form seen since the bell rang, advancing 7.7% with new price at EUR0.9035. The company, together with Amazon, announced Wednesday the launch of new Carrera smart glasses with Alexa, a mix of Safilo's Italian design and Alexa technology, packed into two iconic and innovative models.

Good buys also on Netweek, which moves bullish with a plus 2.4 percent bringing its price to EUR0.3030 per share after the previous evening's 3.0 percent decline.

In the red, Banca Profilo, on the other hand, gives up 5.0 percent after a 7.4 percent gain in the previous session. The stock on a weekly basis simulates with positive balance of about 3%.

Rear-ends also for Landi Renzo, which marks a minus 4.8% to EUR0.4645 positioning the bow towards the third session among the bearish.

On the Italia Growth index, Italia Independent marks minus 6.9 percent,on the heels of the eve's red with 8.5 percent.

List tail also for Ambromobiliare, which brings the price down 6.5 percent to EUR2.00 per share.

The board of directors of G Rent--which met Wednesday evening--approved figures as of June 30 showing a net result with a loss of EUR593,000, compared with a loss of EUR312,000 in the same period last year. Turnover was EUR757,000, compared to EUR989,000 as of June 30, 2022. The stock opened trading in the green by 0.6 percent.

Among the bullish performers, Giglio.Com is leading the way with 3.8 percent to EUR2.20 per share after a 2.8 percent loss on the eve of trading.

Good session-among many-also for Compagnia dei Caraibi, which brings up the share price by 2.2% pointing to its third consecutive bullish session.

In New York on European night, the Dow closed down 0.2 percent, the Nasdaq gave up 1.5 percent, and the S&P 500 left 0.9 percent on the parterre.

Among currencies, the euro changed hands at USD1.0641 versus USD1.0723 in Wednesday's European equities close, while the pound was worth USD1.2321 from USD1.2406 on Wednesday evening.

Among commodities, Brent crude is worth USD92.36 per barrel versus USD94.19 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,927.89 an ounce from USD1,943.42 an ounce on Wednesday evening.

On Thursday's macroeconomic calendar, at 1300 CEST, the Bank of England's UK decision on interest rates.

At 1430 CEST, U.S. unemployment claims will come out while, at 1600 CEST, it will be the turn of EU consumer confidence and a speech by European Central Bank President Christine Lagarde.

By Maurizio Carta, Alliance News senior reporter

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