Mib up timidly, Recordati leads list

(Alliance News) - Piazza Affari continues to register slight rises in the middle of the first session of the week, in line with the cautious trend also evident on other European stock markets.

On the macro front, Eurostat reported this morning that Eurozone industrial production fell 4.1 percent on a monthly basis in March after rising 1.5 percent in February.

On a year-on-year basis, however, eurozone industry output fell 1.4 percent after rising 2.0 percent in the previous month.

The FTSE Mib rises 0.1% to 27,367.49, Mid-Cap gains 0.4% to 43,344.69, Small-Cap gives up 0.4% to 28,068.49, and Italy Growth is up 0.2% to 9,146.90.

In Europe, London's FTSE 100 rises 0.3 percent to 7,779.31, Paris' CAC 40 gains 0.4 percent to 7,446.61 and Frankfurt's DAX 40 is up 0.1 percent to 15,936.43.

On the Mib, at the top is Recordati, up 3.5 percent. The company ended the first quarter with a net profit of EUR124.0 million as a percentage of revenues of 23 percent. This shows a 28 percent increase over the same period last year.

Consolidated net revenues in the first quarter of 2023 amounted to EUR551.4 million, up 32 percent from the first quarter of the previous year.

Terna - on a parity basis - reported that it has signed an ESG-linked revolving credit facility for a total amount of EUR1.8 billion, aimed at refinancing the ESG revolving credit facility signed in 2019 worth EUR1.5 billion.

UniCredit gives up 0.1 percent. The bank reported Monday that it largely complies with MREL requirements set by resolution authorities.

The binding interim MREL is confirmed to be 20.73 percent of risk-weighted assets, to which the combined capital buffer requirement of 5.90 percent leverage is added. The subordinated binding interim MREL-that is, to be met with subordinated instruments-is confirmed as 11.79% of RWA, to which the CBR of 5.68% of LRE should be added.

Enel -- up 0.3% -- announced Friday that its board of directors has appointed Flavio Cattaneo as the company's CEO and general manager.

It loses 0.1 percent Eni, which earlier announced plans to place new four- and 10-year fixed-rate bonds today as part of its EMTN program.

The bond issues-which are expected to be listed in Luxembourg-are taking place in execution of a resolution passed by the board of directors on April 7, 2022, and are aimed at financing Eni's future needs and maintaining a balanced financial structure, the company explained.

On the Mid-Cap, Webuild reverses course after a positive start and drops 0.8 percent at mid-session. The company, in consortium with the Ghella and Pizzarotti groups, on Friday won two new contracts totaling EUR3.7 billion for the development of sustainable mobility in southern Italy.

Saras -- down 1.4 percent -- announced Friday that it had received notice from Farringford Foundation that its indirect subsidiary Urion Holdings Malta Limited had exceeded the 10 percent relevant shareholding threshold.

Therefore, Urion Holdings' shareholding in Saras previously 5.226 percent is now 12.46 percent.

MARR rises 9.9 percent. On Friday, it announced that in the first quarter of the year it reported total consolidated revenues of EUR426.6 million, up from EUR325.8 million as of March 31, 2022. Profit stands at EUR1.5 million from a loss of EUR2.9 million in 2022.

Iren gains 0.3 percent. On Friday, it reported that Fitch revised the company's outlook to 'Positive' from 'Satbile,' and confirmed its 'BBB' rating for both long-term creditworthiness and senior unsecured debt.

Maire Tecnimont gives up 0.5 percent after reporting Monday that its subsidiary NextChem Holding, through Stamicarbon, has been awarded licensing and basic engineering contracts by a major North American fertilizer producer for a green ammonia plant with a capacity of 450 tons per day.

The plant, to be built in the U.S., with entry into operation in 2026, will produce green ammonia that will be used as feedstock for nitrogen-based fertilizers, using state-of-the-art Stami Green Ammonia technology.

On the Small-Cap, Landi Renzo gives up 2.9 percent after announcing that it has approved results as of March 31, having reported consolidated revenues of EUR71.1 million, up 6.4 percent from EUR66.9 million in the same period last year.

The company worsens its first quarter loss to EUR9.9 million from a loss of EUR3.1 million as of March 31, 2022.

Gequity is doing well, up 5.4 percent, while losing ground -- down 11 percent -- Gabetti Property Solutions, which approved itermediated results as of March 31, 2023, reporting operating revenues of EUR26.4 million down 38 percent from EUR42.7 million in the same period a year earlier, due to the regulatory change on tax incentives affecting Gabetti Lab's redevelopment-related revenues.

The group's gross loss amounted to EUR65,000 from a profit of EUR2.3 million in the first quarter of 2022.

Among SMEs, Renergetica gives up 1.6 percent after announcing Thursday that it approved results for the year ended Dec. 31, 2022, which reported a net profit of EUR2.5 million from EUR2.7 million a year earlier and a value of production of EUR10.9 million from EUR11.9 million in 2021.

OSAI Automation System - up 4.5 percent - reported that it has been awarded a contract for a significant project worth a total of EUR6.8 million for an assembly and testing line for a leading European carmaker by a well-established multinational customer, a strategic industrial player in the automotive field.

In Asia, the Nikkei closed up 0.8 percent to 29,626.34, the Shanghai Composite gained 1.2 percent to 3,310.74 and the Hang Seng rose 1.8 percent to 19,971.13.

In New York at Friday's close, the Dow finished just below par at 33,300.62, the Nasdaq lost 0.4 percent to 12,284.74 and the S&P 50 gave up 0.2 percent to 4,124.08.

Among currencies, the euro changed hands at USD1.0858 against USD1.0856 at Friday's close. In contrast, the pound is worth USD1.2483 from USD1.2460 on Friday evening.

Among commodities, Brent crude is worth USD74.19 per barrel versus USD74.50 per barrel Friday night. Gold, on the other hand, trades at USD2,020.71 an ounce from USD2,016.00 an ounce at Friday's European equities close.

On Monday's macroeconomic calendar, at 1430 CEST, space is given to wholesale sales from Canada, and at 1730 CEST, the U.S. will hold Treasury bond auctions.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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