(Alliance News) - Piazza Affari continued to lose ground on Thursday in the wake of declines in the rest of Europe, with most blue chips in the red by mid-session.

The FTSE Mib gives up 1.3 percent to 31,434.55, Mid-Cap drops 1.3 percent to 44,478.87, Small-Cap drops 1.3 percent to 27,628.74, and Italy Growth flexes 0.4 percent to 7,796.90.

In Europe, London's FTSE 100 is down 1.1 percent to 8,080.40, Paris' CAC 40 gives up 1.0 percent to 7,195.58 and Frankfurt's DAX 40 is in the red 0.5 percent to 17,523.42.

Only three stocks are up on the Mib: A2A rises 0.2 percent, Enel 0.1 percent, and Interpump gains 0.3 percent. The latter reported Wednesday that its board of directors approved the half-year report as of June 30, a period that ended with a consolidated net profit of EUR130.1 million from EUR168.5 million in the same period of 2023, thus down 23 percent.

Net sales amounted to EUR1.10 billion from EUR1.18 billion in the same period of 2023.

Azimut Holding - in the red by 1.1 percent - earlier announced that through its Australian subsidiary AZ Next Generation Advisory, it has entered into a strategic partnership with financial institution AMP Limited and advisory services group Entireti to create a unique and attractive offering for AMP's financial advisors.

Through this agreement, AZ NGA will acquire AMP's minority stakes in 16 leading financial advisory firms and provide solutions for business growth and succession. Under the transaction, AZ NGA will acquire between 9 percent and 49 percent of the shares in these 16 companies, which collectively manage about AUD14 billion. The deal will add more than 200 financial advisers and more than 40 locations to AZ NGA's expanding network.

The banking sector weighed, with Banco BPM doing worst in the sector, down 2.1 percent.

The bank let it be known that it ended the first half of the year with an adjusted net profit of EUR776 million, up 19% from EUR as of June 30, 2023. The company also explained that it reported a performance in the first six months that exceeded plan targets. Net interest income for the period stood at EUR1.72 billion, up 11 percent from EUR1.55 billion in the first half of 2023.

BPER Banca -- down 1.1 percent -- also reported Wednesday that it ended the first half of the year with a profit attributable to the parent company of EUR724.2 million from EUR704.6 as of June 30, 2023.

Net interest income for the period stood at EUR1.68 billion from EUR1.54 billion in the first half of 2023.

Net commissions as of June 30 were EUR1.01 billion from EUR963.2 million in 2023.

On the Mid-Cap, Anima Holding gives up 2.0 percent after announcing the acquisition by its subsidiary Castello SGR of the operating arm of Halldis a company active in the professional management of residential rental properties.

The acquisition was made through a newly formed capital company, Vita. The consideration for the transaction is EUR2.6 million.

Credito Emiliano -- down 1.5 percent -- closed down for the fourth session in a row yesterday. It reported Monday that it closed the first half with a profit of EUR323.8 million from EUR298.7 million as of June 30, 2023. During the period, net interest income amounted to EUR617.9 million from EUR539.7 million in the first half of 2023, while net interest and other banking income amounted to EUR1.03 billion from EUR968 million in the same period last year.

Fincantieri gives up 1.4 percent after it announced Tuesday that Vard, the group's Norwegian subsidiary, has signed a contract for the design and construction of a modern Energy Construction Vessel for Wind Energy Construction, a Norwegian company partly owned by the founders of Norwind Offshore. The parties also agreed on an option for a second vessel. The new vessel, scheduled for delivery in the second quarter of 2027, will be built, outfitted, commissioned and delivered at the Vard Vung Tau shipyard in Vietnam.

On par Piovan. The company reported Wednesday its first-half results, which closed with an adjusted net profit of EUR22.9 million from EUR20.7 million in the first half of 2023.

Net income amounted to EUR28.2 million, up from EUR21.8 million in the same period of 2023. Revenues amounted to EUR287.5 million from EUR290.1 million as of June 30, 2023.

On the Small-Cap, illimity Bank gives up 0.8 percent after it reported Thursday that it closed the first half with a net profit of EUR23 million from EUR52.2 million as of June 30, 2023.

In the six-month period, net interest income was EUR78.5 million from EUR97.7 million in the first half of 2023.

doValue gives up 6.0 percent after reporting that it closed the first half of the year with a collection of EUR2.10 billion, down 14 percent from EUR2.43 billion in the same period last year.

Gross revenues fell to EUR216.5 million from EUR228.9 million while net revenues dropped to EUR194.0 million from EUR207.7 million on operating expenses of EUR128.9 million from EUR127.9 million.

Guidance was updated to reflect a possible slippage in the closing of portfolio disposals in Greece and a weak environment for the collection business. Specifically, gross revenues are expected to be within the EUR460-480 million range from the previous target of EUR480-490 million. As new business acquisition has been sustained, the target of EUR115 billion GBV has been confirmed.

"Thanks to significant cost containment measures, which have already proven effective in the first half of the current year, Ebitda is expected to be between EUR155-165 million compared to the previous forecast of EUR160-170 million. Cash flow generation is in line with CMD estimates. Net leverage will be 2.8-3.0 times compared to 2.7-2.8 times, in line with the company's financial policy and one of the lowest in the industry."

Acinque--not yet affected by the exchanges--reported Wednesday that a pool of leading lending banks consisting of Mediobanca, also acting as coordinating bank and agent bank, Intesa SanpaoloIMI/CIB, BPER Banca, Crédit Agricole Italia and Banco BPM, has made available to the company a loan totaling EUR145 million, partially backed by the Archimede Guarantee issued by SACE.

The transaction enables Acinque to finance and/or refinance part of the group's capital expenditures.

CY4Gate -- up 0.7 percent -- on Thursday reported that it has signed contracts totaling about EUR1.2 million in the past month for solutions in Cyber Security and Decision Intelligence.

The contracts, with a total duration of three years, were finalized with leading Italian industrial entities and institutional bodies.

Tesmec - in the red by 2.8 percent - reported Tuesday that it closed the first half of the year with a loss of EUR2.2 million down from a EUR2.6 million liability in the first half of 2023. Revenues amounted to EUR124.2 million from EUR125.3 million as of June 30, 2023.

Among SMEs, La Sia still does not trade after announcing Wednesday that it has won three tenders worth a total of about EUR1.5 million, issued by Poste Italiane and Agenzia del Demanio.

Comal - down 0.6 percent - announced Wednesday that it had signed a contract worth about EUR17.6 million with a leading Italian energy company for the turnkey, EPC-M - engineering, procurement, construction and management - formula supply of a photovoltaic plant, in southern Italy.

Masi Agricola - up 0.5 percent - reported Tuesday that it closed the first half of the year with a drop in profit to EUR22,000 from EUR1.8 million as of June 30, 2023. Net revenues for the period stood at EUR30.2 million, down 8.8 percent from EUR33.1 million in the first half of 2023.

In Asia, the Nikkei closed down 0.7 percent to 34,831.15, the Shanghhai Composite finished on parity at 2,869.90 while the Hang Seng gained 0.1 percent to 16,891.83.

In New York at Wednesday's close, the Dow lost 0.6 percent to 38,763.45, the Nasdaq gave up 1.1 percent to 16,195.81 and the S&P 500 fell 0.8 percent to 5,199.50.

Among currencies, the euro changed hands at USD1.0931 versus USD1.0926 in Wednesday's closing European equities while the pound was worth USD1.2687 from USD1.2714 as of Wednesday evening.

Among commodities, Brent crude is trading at USD78.10 per barrel versus USD78.61 per barrel at Wednesday's close. Gold, on the other hand, trades at USD2,394.08 an ounce from USD2,392.98 an ounce on Wednesday evening.

"Gold prices posted modest gains in early trading on Thursday, settling near the important USD2,400 level. Markets remain volatile, with wide swings in stock prices significantly affecting trader sentiment," commented Ricardo Evangelista, senior analyst at ActivTrades.

"This uncertainty increases the attractiveness of gold as a safe haven asset, although the same volatility limits short-term upside when risk-linked assets post gains. However, the medium- to long-term outlook for the precious metal is positive. The U.S. economy is slowing, and the Federal Reserve will almost certainly cut rates in September and likely repeat the action by the end of the year."

"This dynamic should lead to lower Treasury yields and a weaker dollar, which will bode well for the price of the unprofitable precious metal. It may only be a matter of time before we see the price of the precious metal break through the USD2,400 level and begin to approach the all-time highs touched last month."

Thursday's macroeconomic calendar includes, at 1430 CEST, from the U.S., the data on unemployment claims, while at 2100 CEST a speech by Barkin of the FOMC is expected. Finally, at 2230 CEST, the Federal Reserve's weekly bilacio.

At 2130 CEST, however, a speech by McCaul of the ECB is expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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