Mib veers downward in finale; purchases on MPS

(Alliance News) - Piazza Affari ended the rally lower Tuesday after much of the session in the positive, placing the point bar in the 27,200 area. Among the assessments holding sway among traders, attention remains high on the ongoing debt ceiling discussions in Washington, where positions are being negotiated between the White House and the Republican opposition.

U.S. President Joe Biden will meet with Republican House Speaker Kevin McCarthy later today to discuss raising the spending limit weeks before running out of cash on hand. The United States could go into default on its debt as early as next month if a deal is not reached.

On the domestic front, data recorded that the inflation rate in Italy for April was lower than initially estimated. The monthly change in the Italian consumer price index was 0.4 percent and the annual change was 8.2 percent, slightly below the previous flash estimate of 8.3 percent.

The FTSE Mib closed down 0.2 percent to 27,198.87, the Mid-Cap closed flat at 43,187.95, the Small-Cap down 0.6 percent to 27,884.84 and Italy Growth down 0.1 percent to 9,105.35.

In Europe, Paris' CAC 40 gave up 0.2 percent, Frankfurt's DAX 40 0.1 percent, and London's FTSE 100 left 0.3 percent on the parterre.

On the Mib, positive notes included Banca Monte dei Paschi, which closed up 4.2 percent with price at EUR2.21, after falling 0.3 percent on the eve.

Also doing well was Interpump Group, which rose 0.4 percent. The company reported Monday that its board of directors approved results as of March 31, 2023, reporting profit up to EUR86.0 million from EUR66.1 million. Revenues also rose to EUR592.3 million from EUR488.7 million in the first quarter of 2022. Detailing the group's operating segments, the Oil division grew by 22 percent while the Water division by about 18 percent.

It goes on the bottom Telecom Italia, down 2.2 percent. Cassa Depositi e Prestiti and Macquarie will not submit an improved bid for TIM's network, leaving KKR as the sole bidder, according to sources close to the two companies reported by Bloomberg News. CDP and Macquarie, which had offered EUR19.3 billion for TIM's network, have not yet made an official decision. According to some analysts, CDP's withdrawal would pave the way for a joint bid between CDP, Macquarie and KKR but the Australian group does not seem intent on wanting to bid together with KKR.

According to sources close to the dossier, CDP and Macquarie considered their latest bid for the network to be congruous and do not believe TIM's most coveted asset could be worth more than that amount.

Selling also prevailed on Amplifon, among others, which gave up 2.3 percent to EUR34.92. Bernstein initiated coverage on the stock with an 'outperform' recommendation and target price of EUR41.50.

CNH Industrial, on the other hand, left 2.2 percent on the parterre, on the heels of eve's red with 1.4 percent.

On the Mid-Cap, Seco gave up 3.3%, on the heels of the eve's red with 1.0%.

OVS, equally at the back of the pack, on the other hand, contracted 2.7 percent, ending in the red for the third consecutive session.

Tamburi Investment Partners -- flat at EUR8.79 -- on Monday approved its consolidated interim report as of March 31, having ended the first three months with a pro forma profit of EUR19.6 million, compared to EUR3.3 million in like-for-like earnings as of March 31, 2022. Consolidated shareholders' equity as of March 31, 2023 is about EUR1.26 billion, compared to EUR1.17 billion as of December 31, 2022.

Among bullish traders, doValue led the price up 11 percent to EUR4.48, rebounding after six sessions ended in negative balance. On the stock it is mentioned that Citadel Advisors raised its short position to 0.86 percent from 0.68 percent.

Intercos, on the other hand, brought home a 3.8 percent gain, with price now at EUR15.90. On the MarketScreener platform, the stock -- out of an average of 6 analysts -- shows a target price of EUR15.90 thus underestimated by about 15 percent.

On the Small-Cap, Eurotech - up 8.8 percent - reported that it approved consolidated revenues at EUR24.9 million from EUR17.4 million as of March 31, 2022, up 46 percent. Profit amounted to EUR100,000 from a loss of EUR2.4 million in the first quarter of 2022.

Orsero, on the other hand, took home 8.3 percent. The board of directors on Monday approved consolidated results as of March 31, reporting a net profit of EUR13.0 million, up 55 percent from the EUR8.4 million recorded in the first quarter of 2022.

In the red was Esprinet, which gave up more than 15 percent after the accounts were published. The board said it had approved additional periodic information as of March 31, whereby revenues from customer contracts in the first quarter amounted to EUR1.01 billion, down 11 percent from EUR1.13 billion in the same period last year. Net income for the period was EUR5.9 million, down 41 percent from EUR10.1 million as of March 31, 2022. Net income per share is EUR0.12 down 40% from EUR0.10 in 2022.

Rear-views also for Conafi, which gave up 5.4 percent after two positive sessions.

Among SMBs, Gambero Rosso pushed ahead by 9 percent, ending its 10th straight session on the bullish side.

ReeVo--up 18% to EUR17.25--reported Tuesday that Nebula Aurea BidCo has launched a tender offer to take over the entire capital of ReeVo and aimed at delisting the shares from Piazza Affari. The offer will be EUR17.60 per share, representing a 21 percent premium over yesterday's closing of EUR14.57, for a total consideration if the takeover bid is fully subscribed of EUR86.7 million.

Eurocommercial Properties listed today on the Milan Stock Exchange-it is already listed in Amsterdam-with a market capitalization of EUR1.1 billion. The stock closed up 2.5 percent at EUR21.86.

Askoll Eva, on the other hand, gave up 8.3 percent, echoing the eve's red close of 6.9 percent.

In New York, the Dow gives up 0.7 percent, the Nasdaq rises with 0.3 percent, while the S&P 500 is in the red by 0.3 percent.

Among currencies, the euro changes hands at USD1.0864 versus USD1.0874 at Monday's close. In contrast, the pound is worth USD1.2492 from USD1.2523 last night.

Among commodities, Brent crude is worth USD75.06 per barrel, unchanged from Monday evening. Gold, on the other hand, trades at USD1,998.29 an ounce from USD2,017.44 an ounce at Monday's European equities close.

On Wednesday's macroeconomic calendar, at 0150 CEST, Japan's GDP, while in the morning at 0800 CEST the data on registrations from Italy and major European countries, followed at 1000 CEST by Italy's trade balance. At 1100 CEST spotlights on Eurozone inflation.

At 1300 CEST the U.S. mortgage market data, at 1430 CEST building permits and at 1630 CEST the EIA report on refineries. At the same time, the Cushing inventory.

At 1900 CEST, a sta of 20-year U.S. Treasury securities is scheduled.

By Maurizio Carta, Alliance News senior reporter

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