Milan in the red; Iveco resists declines

(Alliance News) - The Mib closed lower on Monday, bringing the point bar down to the 30,200 area, with trading rooms expressing caution ahead of a week in which the Bank of England and Federal Reserve meetings stand out among the many economic and corporate data coming in.

For both central banks, rate confirmation is widely expected, with the Federal Resreve expected to make its first cut at the March meeting, according to the futures market. The situation is different for the BoE, with markets pricing in cuts yes, but later than for both the Fed and the ECB.

The FTSE Mib, thus, closed down 0.5 percent at 30,233.61.

Among the smaller listrins, the Mid-Cap gave up 0.4 percent to 45,308.09, the Small-Cap left 0.3 percent on the parterre at 27,758.51, while Italy Growth picked up 0.2 percent to 8,313.85.

In Europe, London's FTSE 100 closed just below par, Paris' CAC 40 picked up 0.1 percent, while Frankfurt's DAX 40 gave up 0.1 percent.

In Piazza Affari, on the Mib, few stocks closed with bullish trends. Among them, Iveco brought home 1.5 percent with new price at EUR9.75 on the heels of Friday's green with 1.0 percent.

Eni also did well, with the six-legged dog's stock closing bullish by 1.1%, in its fifth bullish session.

Poste Italiane - in the red by 2.5 percent - announced Thursday that it has approved plans to merge Address Software Srl, whose share capital is wholly and directly held by Poste Italiane itself.

"The operation is aimed at standardizing, evolving and engineering the processes of operation of the group's technology platforms as well as streamlining and rationalizing the operating structure; this is also in order to achieve a reduction in the characteristic costs of each corporate structure as well as to realize the consequent improvement in the group's economic results," the company explained in a note.

Hera - in the red by 0.4 percent - announced Thursday that its subsidiary Herambiente Servizi Industriali has entered into a binding agreement to purchase 70 percent of Piacenza-based TRS Ecology, to which the business unit pertaining to TRS Ecologi's multi-purpose platform for the treatment of special waste located in Caorso (PC) has been contributed.

Also hurting is STMicroelectronics - in the red by 0.8 percent -, which reported Thursday that it had revenues of USD4.28 billion in the fourth quarter of the year, down 3.2 percent from USD4.42 billion in the same period of 2022. Gross profit amounted to USD1.95 billion down 7.3 percent from USD2.10 billion in the fourth quarter of 2022.

Snam, on the other hand, gives up 1.5 percent to EUR4.44 after approving its 2023-2027 strategic plan. The company aims to achieve an increase in adjusted Ebitda of 7.4 percent on average per year, from about 7 percent in the previous plan. It also expects adjusted net income with growth of about 4 percent on average per year, up from 3 percent in the previous plan, "despite more onerous interest rates," the released note said.

On the Mid-Cap, Digital Value closed up more than 10 percent, after a 0.2 percent decline on Friday night.

Good buys also on d'Amico, in the green by 1.8 percent to EUR6.40 per share. During the session the stock updated its 52-week high to EUR6.55 per share.

Also among the bullish, the list's minority, was Salvatore Ferragamo -- up 1.5 percent --, which reported Thursday that preliminary revenues for 2023 stand at EUR1.16 billion from EUR1.25 billion in the previous year and therefore down 7.6 percent. The retail distribution channel as of December 31 reports net sales down 11 percent from 2022 and wholesale sales down 12 percent on the previous year.

De' Longhi - in the red by 1.5 percent - reported preliminary revenues in the first 12 months of 2023 of EUR3.1 billion, down slightly by 2.7 percent from the same period last year. As for the fourth quarter, preliminary revenues stood at EUR1.02 billion, up 4.6 percent on the same period a year earlier.

On the Small-Cap, Autostrade Meridionali closed ahead 8.0 percent, with new price at EUR12.10 per share, in its third closed session with a bullish candle.

The board of directors of Aeffe -- up 0.4 percent -- on Thursday approved preliminary sales figures for fiscal 2023, which closed with consolidated revenues of EUR319 million, down 9.0 percent at constant exchange rates and 9.5 percent at current exchange rates, compared to EUR352 million in 2022.

Softlab gave up 2.7 percent, with new price at EUR1.65 after Friday night's 3.0 percent gain.

doValue, on the other hand, left 4.0% on the parterre, the subject of profit taking after five sessions closed among the bullish.

Among the list's bullish, minority performers was Safilo, which put in a plus 6.0% on the eve of the release of its accounts.

Italian Exhhibition Group, on the other hand, picked up 3.0 percent, in its third session on the bullish side.

Among SMEs, ESI's stock closed up more than 10 percent. On Friday it announced the signing of a framework agreement with a leading institutional investor. The agreement concerns the technological modernization of photovoltaic plants located in Italy, with a total capacity of 60 MWp. The amount of the order, amounting to about 23.40 million euros, will be for the two-year period 2024-2025.

High quarters, among others, also for Imprendiroma, which marks a plus 7.9 percent bringing the price to EUR3.00.

Racing Force is up 4.5 percent. The company announced Monday that it has entered into a partnership with Aston Martin Aramco Formula One Team in which the Italian company becomes the new official racewear supplier for the British team at the start of the FIA Formula One World Championship.

Good buying also on Comal, which closed bullish by 3.5 percent following up on three previous bullish candles.

In New York, the Dow is moving just above parity, the Nasdaq is advancing 0.3 percent, and the S&P 500 is greening 0.1 percent.

Among currencies, the euro changes hands at USD1.0805 against USD1.0862 recorded in Friday's European stock close, while the pound is worth USD1.2679 from USD1.2716 on Friday evening.

Brent crude is worth USD81.91 per barrel versus USD81.96 per barrel at Friday's close. Gold, on the other hand, trades at USD2,027.45 an ounce from USD2,018.32 an ounce Friday night.

On Tuesday's calendar, Japan's unemployment rate is due at 0030 CET, while at 1000 CET, GDP data will arrive from Italy and Germany. At 1100 CET, again from Italy, coming in is the producer price data.

Still at 1100 CET, from the Eurozone will come consumer and business reports, as well as service sector sentiment.

At 1110 CET, an auction of 5- and 10-year Treasury bonds is scheduled.

From the States, at 1500 CET, will come the housing price index, while at 2230 CET will come the weekly oil stocks report.

On the corporate calendar, Clabo, Cofle, Caribbean Company, ELSA Solutions, Emak, Fervi, and Safilo Group will release results.

By Maurizio Carta, Alliance News reporter

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