Mib gives way at 28,100 mark; Saipem closes down Mib

(Alliance News) - Piazza Affari on Wednesday closed lower in the aftermath of the August break, placing the point bar at 28,100, underperforming other European exchanges amid caution due to growing concerns over the Chinese slowdown and the prospect of higher interest rates from major central banks for longer than previously estimated by most analysts.

Meanwhile, traders assessed new economic data from the eurozone. The economy supporting the common currency grew more slowly than in the previous quarter in the first three months of the year, Eurostat released Wednesday. Eurozone Gross Domestic Product rose 0.3 percent in the second quarter on a quarterly basis after rising 0.5 percent in the first three months of the year.

On an annual basis, the economy grew 1.5 percent from the 1.6 percent increase in the first quarter.

Thus, the FTSE Mib closed down 0.9 percent to 28,169.96, the Mid-Cap was up 0.1 percent to 42,035.75, the Small-Cap in the green 0.3 percent to 27,001.52, while Italy Growth closed in the green 0.1 percent to 8,927.77.

In Europe, Paris' CAC 40 closed down 0.2 percent, Frankfurt's DAX up 0.1 percent, while London's FTSE 100 closed in the red by 0.5 percent.

On the main index of Piazza Affari, in the small group of bullish traders, good session for BPER Banca, which closed up 0.4 percent on its third session in the green.

Good buys also on Banco BPM, which marked a plus 0.1 percent on the heels of the green of the previous session that closed with a plus 1.4 percent.

Saipem closed 3.6% in the red, turning negative after four sessions in the red.

Also in the red was Tenaris with 0.2%, despite announcing that it has entered into a definitive agreement to acquire from Mattr 100% of the shares of its subsidiary Bredero Shaw International, which holds control of the pipe coating business worth USD166 million including working capital, on a cash-free and debt-free basis, subject to customary price adjustments.

Also at the back of the pack was CNH Industrial, in the red by 2.7 percent, marking a negative balance for the fourth session in a row.

On the Mid-Cap, on a positive note, El.En. rallied 3.4 percent, setting the new price at EUR10.53.

Also among the best in class was Carel Industries, which with a green of 2.2 percent replicated the previous session's gain, albeit closed with a more timid 0.6 percent.

Juventus FC, on the other hand, left 0.4 percent on the parterre. The club announced that it has reached an agreement with AS Monaco Football Club for the outright sale of the rights to the sports performance of footballer Denis Lemi Zakaria Lako Lado for a consideration of EUR20 million, payable in four fiscal years.

MutuiOnline closed on the bottom, down 4.8 percent. The stock traded high, with more than 45,000 changed hands compared to a three-month daily average of about 13,000.

Final part of the convoy also for OVS, which contracted 2.4 percent after a 1.5 percent gain in the previous session.

In the Small-Cap segment, purchases on Biesse, which closed ahead 4.0 percent, in its third bullish session.

Triboo, on the other hand, brought home a green of 1.2 percent after a 2.8 percent loss in the previous session. The stock had previously come from four bullish sessions.

High quarters also for Bastogi, which is up 4.0 percent after a 2 percent loss in the previous session.

Caleffi, on the other hand, gave up 2.9%, reversing course after two bullish sessions.

Among SMBs, Iervolino & Lady Bacardi steps up more than 15 percent, in its sixth bullish session.

The buy side also prevails well on Gambero Rosso, ahead 6.5% with new price at EUR0.4940.

Ecosuntek rose 2.4 percent after clarifying Monday that subsidiary Eco Trade "already has the necessary own resources to acquire the approximately 45 percent stake in +Energia Spa. Before the closing, however, Eco Trade may consider the possibility of using a specific transaction with the banking system that takes into account a proper Debt/Equity ratio.

In red, also the prevailing color in this segment, Execus gave up 7.5 percent with price at EUR3.20 per share. The stock closed in negative balance for the seventh consecutive session.

Digitouch, on the other hand, gave up 3.8 percent, with price level at EUR2.26.

In New York, the Dow Jones trades in the green by 0.2 percent, the S&P is just above parity, while the Nasdaq sails 0.3 percent negative.

Among currencies, the euro changes hands at USD1.0905 versus USD1.0904 in Tuesday's European stock close while the pound is worth USD1.2751 from USD1.2703 Tuesday evening.

Among commodities, Brent crude is worth USD85.04 per barrel versus USD84.95 per barrel at Tuesday night's close. Gold, on the other hand, trades at USD1,903.08 an ounce from USD1,935.20 an ounce Tuesday night.

Thursday's economic calendar includes, at 0150 CEST, the release of Japan's trade balance while, at 1100 CEST, will come the Eurozone trade balance.

At 1430 CEST, from the U.S., focus on the unemployment claims data while, at 1730 CEST, 4- and 8-week Treasury bond auctions are scheduled.

Among companies in the Piazza Affari, no particular announcements are expected.

By Maurizio Carta, Alliance News reporter

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