Mib falls to 28,100 area; Nexi at tail end of list

(Alliance News) - European stock markets extended their losses on Tuesday, with the Mib at its lowest level in more than two weeks in the 28,100 area, as trading rooms continued to worry that interest rates will remain higher for longer, while bond yields remain at multi-year highs.

Indeed, sentiment on rates is, as mentioned, that of "higher for longer," in an approach that has helped fuel concerns and make the sell side prevail. Investors are now pointing the spotlight on key inflation data from both the Eurozone and the United States, with reports due this week.

Thus, the FTSE Mib is trading 1.1 percent red at 28,169.94.

In Europe, London's FTSE 100 is just above par, while Paris's CAC 40 is retreating 0.6 percent, and Frankfurt's DAX 40 is down 0.5 percent.

Among the smaller lists, the Mid-Cap is giving up 1.0 percent to 39,134.43, the Small-Cap is in the red 0.7 percent to 25,600.42, and Italy Growth is in the red with 0.4 percent to 8,413.67.

On the main list in Piazza Affari, Banca Generali trades well, posting a plus 1.3% at EUR33.92 after three bearish sessions.

Good buying also on Iveco Group, which points to its third bullish session with a green of 1.4 percent.

UniCredit -- down 1.4 percent -- announced Tuesday that it had bought back 4.3 million of its own shares between Sept. 18 and 22. The shares were taken over at an average price of EUR22.6367 for a total value of EUR98.2 million.

Target price cut for Nexi, with Goldman Sachs raising it to EUR9.00 from the previous EUR10.00. The shares currently mark minus 3.2 percent at EUR5.69, placing them at the tail end of the segment.

In the cadet list, good momentum on OVS, which moves ahead 1.7 percent to EUR1.93 per share after seven sessions ended among the bearish.

Sanlorenzo, on the other hand, advances 1.0 percent to EUR34.65, after a 2.7 percent loss on the eve of the session.

Alerion Clean Power -- up 0.8 percent -- informed that it has purchased 4,250 of its own shares for a total value of EUR116,000 or so.

Tinexta, on the other hand, is giving up 4.2 percent, repositioning its price at EUR14.90.

GVS, on the other hand, is giving up 3.2%, positioning its snout toward the sixth session on the bearish side. It is worth mentioning that the board of directors on Monday approved the group's 2023-2025 economic-financial forecast. Consolidated revenues are expected to be in the range of EUR425 million to EUR430 million in fiscal year 2023, are expected to grow over the 2023-2025 period at a CAGR between 4.5 percent and 5.5 percent.

Webuild - down 1.1 percent - informed on Tuesday that it purchased - in the week of Sept. 18-22 - 275,000 of its own ordinary shares, as per its business plan. The countervalue was about EUR474,000.

On the Small-Cap, boost on algoWatt, which advanced up to 22 percent before going into volatility auction with price at EUR0.3920. The stock had previously come from five bearish sessions.

Bialetti, on the other hand, rises 4.8 percent to EUR0.2850, rearing its head after four bearish sessions.

Somec is marking minus 4.2% at EUR29.40 per share after two sessions closed in the green.

PLC System Srl, a subsidiary of PLC, on Monday finalized the sale of its entire stake in Idroelettrica 2014 Srl Unipersonale - owner of a hydroelectric power plant located in Località Brotano in the municipality of Pergola and San Lorenzo in Campo in the province of Pesaro-Urbino - to an operator already present in the market for hydroelectric power plants. The consideration for the sale of Hydro 2014, net of the costs of its restoration, is EUR400,000.00. The stock is marking a green of 2.7 percent.

CY4Gate, on the other hand, gives up 7.9 percent to EUR7.45 per share, continuing the downward trend of the previous session.

Among PMIs, strength on Agatos, which goes into volatility auction after stretching more than 26% with new price at EUR0.2160.

Sia - flat at EUR8.90 - announced Tuesday that its board of directors approved the half-year report as of June 30 reporting a profit of EUR241,000 up 77 percent from a net profit of EUR136,000 recorded in the first half of 2022. In addition, the backlog as of June 30 was EUR36.9 million, up 36 percent from EUR27.1 million in the same period last year.

Monnalisa, on the other hand, gives up 6.5 percent, bringing the weekly to minus 10 percent.

Closing out the list is Portobello, which depreciates 7.2 percent on the heels of its 6.4 percent loss on the eve of the event.

In New York on European night, the Dow rallied 0.1 percent, the Nasdaq closed in the green by 0.5 percent, and the S&P 500 closed in the green by 0.4 percent.

Among currencies, the euro changed hands at USD1.0598 against USD1.0666 in Friday's European stock close while the pound was instead worth USD1.2187 from USD1.2279 on Friday night.

Among commodities, Brent crude is worth USD92.51 per barrel versus USD92.88 per barrel at Monday's close. Gold, meanwhile, trades at USD1,912.82 an ounce from USD1,918.19 an ounce on Monday evening.

Tuesday's calendar from the US at 1400 CEST features building permits issued, while at 1600 CEST it will be the turn of the new home sales data. At 1900 CEST, FOMC member Bowman is scheduled to speak, while at 2230 CEST comes weekly oil inventories.

On the corporate calendar, ABP Nocivelli Company of the Caribbean, Danieli & C, Doxee, ErreDue, eVISO, Frendy Energy and Gambero Rosso and iVision Tech are among the many half-year results coming in.

By Maurizio Carta, Alliance News reporter

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