Mib fluctuates on the line; Amplifon best performer

(Alliance News) - The Mib moves around the parity line on Tuesday to settle around the 30,200 mark, in line with the performance of other European exchanges, as traders continue to assess the future monetary policy landscape, positioning themselves on the assumption that major central banks may start cutting interest rates next year, despite some officials rejecting in various public speeches such expectations.

As a result, the FTSE Mib moves around parity in the 30,243.95 area, the Mid-Cap rises 1.7 percent to 44,147.14, the Small-Cap advances 1.4 percent to 27,255.48, and Italy Growth is in the red 0.1 percent to 8,105.16.

In Europe, London's FTSE 100 fluctuates just above par, Paris' CAC 40 is in the fractional red, and Frankfurt's DAX 40 advances 0.3 percent.

On the Mib, Amplifon trades well, up 2.3 percent, following eve's 1.7 percent decline.

Prysmian, on the other hand, marks a plus 1.9% at EUR40.56. However, the stock moved up to touch EUR40.80, thus updating its 52-week high.

Good buys also on Campari, which moves ahead 1.5 percent to EUR10.25 per share after the previous session's 0.9 percent green.

Leonardo -- in the green by 0.5 percent -- announced Monday that Southwest Airlines, among the largest airlines in the U.S. with some 127 million passengers carried annually, has chosen it to redefine the transit area baggage handling system at Denver International Airport. The contract, worth more than EUR25 million, includes a custom-developed solution for Southwest to better manage operational, manual baggage handling and transfer activities.

Stellantis - among the few bearish performers - is instead giving up 2.1 percent, with new price at EUR21.06 per share, echoing eve's decline of 0.1 percent.

On the Mid-Cap, Industrie De Nora - up 5.3 percent - and H2U Technologies, a developer of next-generation electrolyzers, announced Monday a research agreement to identify and develop low-cost, high-performance electro-catalysts for the production of hydrogen through water electrolysis.

Sesa, on the other hand, advances 4.6 percent. The company announced Tuesday that it had approved results for the six-month period ended Oct. 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 grows 15 percent to EUR1.50 billion from EUR1.31 billion in the same period 2022.

Fincantieri trades up 1.3 percent. On Friday it reported that Vard - a Norwegian subsidiary - has signed an agreement with an international customer to build a cable-laying ship. Delivery is scheduled for the fourth quarter of 2026. The value of the contract is between EUR200 and EUR250 million.

Salvatore Ferragamo, in the red by 1.1 percent. SocGen cut target price to EUR8.00 from EUR10.00 with 'sell' recommendation.

OVS, on the other hand, gives up 1.0%, following eve's decline with 0.2%.

On the SmallCap, Digital Bros pushes ahead 7.3% with new price at EUR10.56 and pointing snout toward fourth session to close with bullish candle.

Greenthesis rises 6.0 percent after announcing Monday that it has finalized a new EUR50 million financing agreement with banks Natixis SA, Milan branch, and Intesa Sanpaolo Spa, the former as agent bank and both as lending banks and Mandated Lead Arrangers & Bookrunners. This transaction, reads the company's statement, is aimed "at broadening the financial base in order to be able to support organic investments and acquisitions by external lines."

TXT e-solutions -- up 3.1 percent -- on Monday disclosed that it sold 176,471 of its own shares to the "PIPE" fund -- private investment in public equity -- managed by Alkemia SGR Spa, at a price of EUR17.00 per share, higher than their average carrying value and compared to the average market value of the last 3 months of EUR16.23.

Netweek, on the other hand, is giving up 3.6 percent to EUR0.12, after the eve's green with 2.9 percent.

Among SMEs, Cofle trades up 5.8 percent after announcing on Tuesday that it is continuing its collaboration with Ineos Automotive, which has led to the creation and customization of advanced reduced gear engagement and disengagement and differential lock and unlock systems, directly developed by Cofle's engineering center, for its new 4x4 off-road vehicle, the INEOS Grenadier. Cofle expects that in 2023, sales related to the order with Ineos will close at EUR1.6 million, while projections for 2024 indicate a significant increase to EUR3.8 million.

Boost also on Franchetti, which brings the price ahead 3.7 percent to EUR4.19 per share echoing eve's gain, equally with 3.7 percent.

Edil San Felice--declining 2.6 percent--announced Monday that it had signed the first two contracts implementing the framework agreement with Anas Sardegna for the maintenance and installation of new road safety barriers. The agreement, with a total economic value of EUR5 million, was signed in May, will last four years, and will allow Edil San Felice to make its entry into a new region, continuing its territorial expansion path, the company explained in a note.

High Quality Food--in the red by 2.4 percent--reported on Monday that it had purchased the minority shares in its subsidiary Gourmade Srl from shareholders Massimiliano Del Brusco and Riccardo Pacifici, who held 30 percent and 15 percent, respectively, increasing from 55 percent to 100 percent of the subsidiary's capital, for a total consideration of EUR4,500.

In New York on European night, the Dow closed in a fractional green at 37,306.02, the Nasdaq finished up 0.6 percent at 14,905.19, and the S&P 500 closed ahead 0.5 percent at 4,740.56.

Among currencies, the euro changed hands at USD1.0938 against USD1.0920 recorded in Monday's European stock close while the pound was worth USD1.2702 from USD1.2643 on Monday evening.

Brent crude is worth USD78.19 per barrel versus USD78.45 per barrel at Monday's close. Gold, meanwhile, trades at USD2,025.59 an ounce from USD2,023.93 an ounce on Monday evening.

Tuesday's macroeconomic calendar features building permits and new residential construction sites from the US at 1430 CET.

At the same time, from Canada, will come the annual CPI, raw material price index and industrial goods price index.

By Maurizio Carta, Alliance News reporter

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