Mib seesaw; DiaSorin does best of all

(Alliance News) - On Wednesday, the Mib moves in a seesaw trend -- at a bearish tilt -- after initial hours of trading in slightly active territory. Global stock markets remain prey to uncertainty due to central bankers' promise of high rates for a long time, as well as the performance of China, particularly its real estate sector with behemoth Evergrande.

In economic news, the GfK consumer sentiment indicator for Germany released Wednesday fell to minus 26.5 in October from September's revised minus 25.6, missing market forecasts of minus 26.0.

This is the lowest reading since April, while the propensity to save rose to the highest level since April 2011, at 8.0 points compared to 0.5 in September.

?

As a result, the FTSE Mib marks a slight red at 28,090.03, the Mid-Cap is giving up 0.3 percent to 39,047, the Small-Cap is down 0.2 percent to 25,558.33, and Italy Growth is in the red 0.1 percent to 8,348.16.

In Europe, London's FTSE 100 is down 0.2 percent, Paris' CAC 40 is up 0.1 percent, and Frankfurt's DAX 40 is down minus 0.2 percent.

On the main list of Piazza Affari DiaSorin ranks on the highs, advancing 1.7 percent after two sessions in the red.

Good buys also on Ferrari, which marks plus 0.9%, rearing its head again after four bearish sessions.

Nexi, meanwhile, rises 1.1% to EUR5.77 per share after two sessions among the bearish.

In the rear Iveco Group is giving up 0.8 percent, with new price at EUR9.03, after a 0.9 percent loss on the eve.

Hera, on the other hand, is giving up 1.5 percent after Tuesday night's 0.1 percent gain. The stock had previously come from three bearish sessions.

Drop and tail of the list for Banca Monte dei Paschi, which marks a minus 4.1 percent. The Siena-based bank, according to market rumors, would see the Treasury at work to divest an 8 percent stake, all within the first decade of October.

In the cadet list, El.En. advances 5.7 percent. It should be noted that the stock, since the beginning of 2023, marks a decline of more than 40 percent. The company announced Tuesday that it has kicked off its new EUR1.0 million buyback program of its own ordinary shares.

Good buys also on Reply, which advances 4.2% after four bearish sessions, also on a weekly basis still shows a 2.2% loss.

Danieli & C. reported Tuesday that it closed the 2022-2023 fiscal year with revenues up year-on-year to EUR4.10 billion from EUR3.62 billion in the previous year. The stock fluctuated upward by 1.8 percent. The board proposed the distribution of a dividend of EUR0.31 for ordinary shares -- worth a total of EUR11.6 million -- and EUR0.3307 for savings shares, worth EUR12.1 million. Last year, the company distirbuted a dividend of EUR0.2793 for savings shares and one of EUR0.30 for ordinary shares.

Salvatore Ferragamo, on the other hand, falls 1.5 percent. On the stock it is mentioned that Barclays cut its target price to EUR13.00 from EUR14.00.

Sales also prevail among many on Fincantieri, which gives up 2.1 percent. On the stock, it is reported that the company signed on Monday a EUR800 million medium-long term loan, with a five-year term of which three years of pre-amortization, 70% backed by a SACE guarantee.

On the Small-Cap, algoWatt advances 5.4 percent, bringing the price to EUR0.42, on the heels of the double-digit gain of 11 percent in the previous session.

d'Amico, on the other hand, appreciates 4.0 percent, following 2.2 percent assets on the eve of the session.

Head of the segment for Netweek, which moves ahead 13%, rebounding after two sessions closed with a negative balance.

At the tail end, Beewize gives up 3.1 percent after 2.3 percent assets on eve. The stock had previously come from three sessions among the bearish.

Aquafil, on the other hand, gives up 3.1%, with price at EUR0.6780, after eve's green with 2.9%, which broke a five-session downtrend.

Among SMEs, FAE Technology trades well, moving ahead 3.0% on the eve of the release of its half-year accounts.

Askoll Eva, on the other hand, advances 4.7 percent to EUR0.3980, after two sessions ended among the bearish in which it accumulated a loss of about 27 percent.

Relatech - up 6.2% - reported Wednesday that its board of directors reviewed and approved consolidated economic and financial data as of June 30, reporting adjusted net income of EUR3.8 million, up 120% from EUR1.7 million for the same period in 2022. Net income amounted to EUR2.9 million from EUR2.1 million recorded as of June 30, 2022.

Value of production as of June 30 was about EUR51.1 million, up 73% from about EUR29.5 million as of June 30, 2022. Revenues amounted to EUR47.8 million, up from EUR25.3 million as of June 30, 2022.

Doxee, on the other hand, gives up 8.8 percent. It should be noted that the stock marks a loss of more than 45 percent since the beginning of the year.

Backwardation also for Caribbean Company, which marks a minus 5.2 percent to EUR3.10 after eve's gain of 1.6 percent.

In New York on European night, the Dow closed down 1.1 percent, the Nasdaq gave up 1.6 percent, and the S&P 500 lost 1.5 percent.

Among Asian exchanges, the Nikkei closed 0.1 percent in the red, the Shanghai Composite advanced 0.2 percent, while the Hang Seng finished up 0.4.

Among currencies, the euro changed hands at USD1.0559 against USD1.0576 in Tuesday's European stock close while the pound was worth USD1.2150 from USD1.2163 Tuesday evening.

Among commodities, Brent crude is worth USD94.79 per barrel versus USD93.59 per barrel at Tuesday's close. Gold, meanwhile, trades at USD1,895.16 an ounce from USD1,903.29 an ounce last night.

Wednesday afternoon's macroeconomic calendar includes crude oil and refinery stocks numbers from the US at 1630 CEST.

By Maurizio Carta, Alliance News senior reporter

Comments and questions to [e-mail]

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.