Oil stocks down on Mib; up CNH with delisting news

(Alliance News) - The Mib opened slightly higher on Monday, with the rest of the European indexes moving close to parity, following the release of Chinese export data, down for the sixth consecutive month.

The figure, comments Ipek Ozkardeskaya, senior analyst at Swissquote Bank, "is a good indicator of global economic health," while also "Iranian oil exports fell for the second consecutive month due to weakening demand in Asia."

"This is certainly why we have not seen oil prices react to the news of escalating tensions in the Middle East and the news that Saudi Arabia and Russia will maintain oil production limits over the weekend," the analyst added.

This morning the barrel of crude oil is trading slightly above the psychological threshold of USD80 per barrel while stocks in the sector are suffering on the Mib.

As a result, the FTSE Mib is up 0.1 percent to 28,631.39, the Mid-Cap is up 0.3 percent to 40,081.39, the Small-Cap is in the green 0.3 percent to 25,232.41, and Italy Growth is advancing 0.1 percent.

In Europe, London's FTSE 100 opens up 0.1 percent, Paris' CAC 40 is down 0.1 percent while Frankfurt's DAX 40 is just below par.

On the main list of Piazza Affari, CNH Industrial rises 3.2 percent after announcing Tuesday morning that its board of directors has approved an application to delist its ordinary shares from Euronext Milan.

"This application will be filed today," the press release reads. "The company is confident that the single listing on the NYSE will be effective by the time January 2024 begins." In addition, CNH cha let it be known that the board approved a new share buyback program of up to USD1 billion between November 8, 2023 and March 1, 2024.

Better does only Nexi, topping with a plus 3.6 percent.

Poste Italiane also does well after the accounts. The stock rises 1.0 percent: the company reported Tuesday that it had filed nine months and third quarter accounts with rising accounts, particularly revenues, which grew in the two periods.

In fact, revenues rose 3.6% to EUR2.83 billion in the third quarter from EUR2.73 billion in the same period a year earlier while it rose 6.8% to EUR8.88 billion in the nine months from EUR8.32 billion in the first nine months of 2022.

Telecom Italia opens up 0.8 percent. The company announced Monday evening that, in execution of resolutions passed by the board of directors on Sunday, the transaction agreement regarding NetCo with Optics BidCo has been signed. The transaction is expected to be finalized in the summer of 2024.

In the statement, there is also a message to Vivendi, which yesterday threatened legal action after the board approved KKR's offer without passing it through the shareholders' meeting: "In relation to the information and statements disseminated in recent days and their correctness," TIM specifies, "the company does not deem it appropriate to comment on the press organs, reserving the right to do so in the appropriate venues, also in light of their effects on the performance of stock market prices.

At the bottom are Eni and Saipem, in the red by 1.1 and 15 percent respectively. On Monday they signed an agreement to develop biorefining.

The agreement, in line with Eni's and Saipem's decarbonization goals, "aims in particular at the study and eventual realization of plants for the production of biojet, a sustainable aviation fuel, and the biofuel HVO diesel, produced 100 percent from renewable raw materials, marketed at Enilive service stations under the name HVOlution and usable by road, naval and rail vehicles," the company explained in a note.

Also hurting was Tenaris, with the stock giving up 2.2 percent and being the list's worst performer.

On the Mid-Cap, Intercos Group opens up 2.6 percent and takes the top spot. It reported Monday that in the first nine months of the year it reported revenues of EUR735 million from EUR597.1 million in the same period a year earlier and an increase of 23 percent.

Adjusted Ebitda was EUR102.3 million, up 21% from September 30, 2022 when it was EUR84.4 million.

Anima Holding, in the green by 0.8 percent, disclosed Monday that it had concluded the share buyback program initiated last August. A total of nearly 7.8 million treasury shares, or 2.36 percent of the share capital, were purchased in the period between August 3 and October 31.

On the Small-Cap, Tesmec opens up 2.6 percent after reviewing and approving its September 30 interim report, which closed with a net profit of EUR190,000, compared to a profit of EUR9.2 million September 30, 2022.

Revenues were EUR193.5 million, up from EUR173.5 million Sept. 30, 2022.

Aeroporto Guglielmo Marconi Di Bologna -- up 1.2% -- on Monday reported that total passengers in October were 943,763, up 17% on October 2019 and 12% on October 2022. The airport explained that it was the best October in history.

Autostrade Meridionali's board of directors - flat at EUR14.00 per share - on Monday approved the financial report as of September 30, a period that ended with total revenues for the first nine months of EUR3.3 million compared to EUR33.9 million a year earlier.

As stated in the note, "the concession for the operation of the A3 Naples-Pompeii-Salerno freeway expired on December 31, 2012 and, following the tender procedure, from April 1, 2022 the project company Salerno Pompei Napoli Spa took over from Autostrade Meridionali in the management of the freeway infrastructure."

Enervit gives up 2.1 percent. On Monday it announced that it had signed the binding agreement to purchase from the company? Laboratorios Farmacéuticos ROVI SA of 50 percent of the share capital of Enervit Nutrition SL, a Spanish company that distributes Enervit products in the territory of Spain and Portugal, in which Enervit already held 50 percent.

For the purchase of 50 percent of Enervit Nutrition's share capital, the price was agreed in the amount of EUR1.8 million.

Among SMEs, in a still uneventful list, Eles opens in the red by 0.7 percent. The company reported Tuesday that its board of directors reviewed consolidated sales revenues for the period ended September 30, which were EUR21.1 million, up 39 percent year-on-year.

Visibilia, up 3.2 percent, and Iervolino & Lady Bacardi Entertainment, which opens up 3.9 percent, are doing well.

In Asia, the Nikkei closed down 1.3 percent at 32,271.82, the Shanghai Composite finished just below par at 3,057.27, and the Hang Seng gave up 1.7 percent to 17,660.00.

In New York, the Dow closed up 0.1 percent to 34,095.86, the Nasdaq picked up 0.3 percent to 13,518.78, and the S&P 500 closed in the green 0.2 percent to 4,365.98.

Among currencies, the euro changed hands at USD1.0701 against USD1.0744 recorded in Monday's European stock close while the pound was worth USD1.2325 from USD1.2387 last night.

Among commodities, Brent is worth USD83.94 per barrel from USD86.24 per barrel at yesterday's close.

"We revise our medium-term outlook for crude oil from neutral to negative," comments Ozkardeskaya of Swissquote Bank. Last week's persistent sell-off despite a broad risk rally, the non-responsiveness of oil bullishness to normally price-positive geopolitical developments, and the fact that the market's focus is shifting from the supply side to the demand side suggest that a fall below USD80 is increasingly possible, and a verbal intervention by Saudi Arabia or OPEC will not prevent a deeper decline in the near term."

Gold, meanwhile, trades at USD1,968.34 an ounce from USD1,982.33 an ounce last night.

On Tuesday's macroeconomic calendar, the Eurozone producer price index will be due at 1100CET.

From the US, at 1430 CET, it is the turn of the trade balance, at 1515 CET of a speech by Fed's Barr, followed at 1600 by Waller's and at 1900 CET by Logan. Finally, at 2230 CET, come weekly oil stocks.

Among companies, a number of nine-month financial reports are due such as Ariston Holding, Banca Monte dei Paschi di Siena, Banca Popolare di Sondrio, Banca Profilo, Banco BPM, Brembo, CNH Industrial, Enel, and FinecoBank among others.

By Chiara Bruschi, Alliance News reporter

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