Mib up after Italy inflation; TIM on top

(Alliance News) - Piazza Affari remains in mid-day gains on Thursday after Istat revised July inflation downward: consumer prices in Italy rose 5.9 percent year-on-year in July after rising 6.4 percent in June. Istat's preliminary estimate was for an inflation rate of 6.0 percent.

Thus, the FTSE Mib is up 0.8 percent to 28,534.39, the Mid-Cap is up 0.6 percent to 41,980.36, the Small-Cap is up 0.3 percent to 26,910.92, and Italy Growth is in the fractional red at 8,877.30.

In Europe, London's FTSE 100 is just above par, Paris' CAC 40 is up 0.8 percent and Frankfurt's DAX 40 is up 0.4 percent.

The ECB, meanwhile, lets it be known that "observed developments since the June 15 meeting confirm the expectation that inflation will decline further in the remainder of 2023, but will remain above target for a prolonged period of time," it further reads.

Although some measures show signs of easing, core inflation remains elevated overall for the institution, which pointed out in the note how future decisions -- always taken on the basis of updated data from time to time -- "will ensure that the ECB's key interest rates are set at sufficiently restrictive levels as long as necessary to achieve a timely return of inflation to the 2 percent target over the medium term."

On the predominantly bullish Piazza Affari main index, Telecom Italia takes the top spot with a 4.1 percent rise as talks between the KKR fund and the Treasury to buy Netco intensified.

FinecoBank does not stray far from the highs with a 1.5 percent green. The company last week reported that net inflows in July were confirmed at EUR486 million, in line with the estimates announced in the first-half results.

Since the beginning of the year, inflows amount to EUR5.7 billion.

Banco BPM also did well, up 2.0%, with Ferrari and Stellantis touching 1.3% and 1.2%, respectively.

Saipem remains in the black - up 1.1% - after announcing Wednesday evening that it has been awarded a contract by Mellitah Oil & Gas BV Libyan Branch, a consortium formed by National Oil Corporation of Libya and Eni North Africa, for the development of Bouri Gas Utilisation Project worth about USD1 billion.

Assicurazioni Generali is on par at EUR18.44 after reporting normalized net income of EUR2.33 billion in the first half of the year, up 61 percent from EUR1.44 billion as of June 30, 2022.

Operating income is up sharply to EUR3.72 billion, up 28 percent from EUR2.90 billion, partly due to diversification of profit sources, which includes the contribution of completed acquisitions.

Among the few bearish performers, Leonardo gives up 0.5 percent while Interpump loses 1.2 percent.

On the Mid-Cap, Banca Popolare di Sondrio is up 1.5 percent, thanks to a half-year with record net income of EUR207.1 million from EUR105.0 million in the same period last year.

Net interest income amounts to EUR427.0 million up from EUR320.0 million in the first half of 2022.

Credito Emiliano rises 0.8 percent after approving on Monday its consolidated results for the first half of the year, a period closed with consolidated net income at EUR298.7 million from EUR157.0 million in 2022. Credem points out that it expensed EUR25 million in contributions to funds for the management of troubled banks in that perid. The result is up 90% from the same period last year.

Return on capital -- annualized ROE -- was at 17.9 percent, while annualized ROTE was 20.8 percent.

At the top is Saras, up with 4.0%, followed by Brunello Cucinelli in the green 1.9% and Sanlorenzo up 1.5%.

On the Small-Cap segment, Greenthesis is in the red by 1.3%. The company announced that - through its wholly owned subsidiary under UAE law Ambienthesis Middle East DMCC - it has been appointed to carry out characterization activities, amounting to approximately EUR100,000, functional to the subsequent remediation of hydrocarbon-contaminated land to be carried out in the Abu Dhabi industrial area.

Pierrel - up 0.3 percent - announced Monday that it has obtained marketing authorization in Ecuador for its Articaine-based dental anesthetic, Orabloc in the 1:100,000 formulation.

With the registration in Ecuador, Orabloc makes its entry into South America.

As of June 30, Tesmec Group -- in the red by 1.0 percent -- had consolidated revenues of EUR125.3 million up from EUR113.3 million as of June 30, 2022, mainly due to the performance of the Energy and Rail segments. Specifically, revenues from product sales of EUR97.0 million as of June 30, 2023, up from EUR70.9 million as of June 30, 2022, and revenues from services and work in progress of EUR28.3 million, down from EUR42.4 million.

Among SMEs, Ecosuntek climbs 1.6 percent after reporting Wednesday evening that Eco Trade, a 63.4 percent subsidiary, signed two preliminary agreements on July 31 to purchase the stakes held in + Energia Spa by Paolo Marinangeli for a 17.90 percent stake and by Soni Mar Srl for a 26.875 percent stake for a total stake of about 45 percent.

The purchase involves a total price of about EUR21.3 million to be paid at the closing, expected by the end of October 2023. A sum of just under EUR1.3 million was paid as a down payment on Wednesday.

Laboratorio Farmaceutico Erfo is up 0.5 percent after announcing Wednesday that the board of directors reviewed some consolidated economic and financial operating data as of June 30, reporting revenues at EUR3.4 million up 21 percent from EUR2.8 million in the same period last year.

Ebitda is EUR1.03 million and adjusted Ebitda is about EUR1.02 million and equal to 30 percent of revenues.

Sicily by Car is up 0.7 percent. The company announced Wednesday that Giober Srl, linked to board member Giovanna Cavallini, bought 50,000 shares in the company.

The shares were taken over at an average price of EUR9.94 for a total of EUR497,000.

In New York on European night, the Dow closed 0.5 percent in the red at 35,123.36, the Nasdaq finished down 1.2 percent at 13,722.02, and the S&P 500 gave up 0.7 percent to 4,467.71.

In Asia, the Nikkei closed in the green 0.8 percent at 32,473.65, the Shanghai Composite finished up 0.3 percent at 3,254.56 and the Hang Seng closed above par at 19,248.26.

Among currencies, the euro changed hands at USD1.1020 against USD1.0978 in Wednesday's European equities close while the pound was instead worth USD1.2759 from USD1.2720 on Wednesday evening.

Among commodities, Brent crude is worth USD87.50 per barrel versus USD87.00 per barrel at last night's close. Gold, on the other hand, trades at USD1,921.14 an ounce from USD1,950.75 an ounce Wednesday night.

Thursday's economic calendar features OPEC's monthly report at 1300 CEST. Also from the US, at 1430 CEST comes data on unemployment claims, inflation and real incomes.

By Chiara Bruschi, Alliance News reporter

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