(Alliance News) - At mid-session on Thursday, Piazza Affari remains green just above 34,000, with the other major European exchanges up slightly, following the release of macroeconomic data from the construction sector and awaiting monetary policy decisions coming in an hour from the BoE and in the evening from the Fed.

Thus, the FTSE Mib is up 0.2 percent to 34,011.49, the Mid-Cap is up 2.0 percent to 46,595.89, the Small-Cap up 0.5 percent to 27,804.20, and Italy Growth gives up 0.1 percent to 7,824.23.

In Europe, London's FTSE 100 is down 0.1 percent, Paris' CAC 40 is up 0.4 percent and Frankfurt's DAX 40 is up 1.1 percent.

Returning to the macroeconomic front, Italian construction business activity continues to contract in October, albeit improving from September, according to data released Thursday by S&P Global.

The PMI index for the Italian construction sector increased to 48.2 from 47.8 in September, remaining below the 50.0 points that separate contraction from expansion.

The eurozone construction sector also continued to contract at the start of the fourth quarter, albeit at the slowest pace since December 2023.

The index for the eurozone rose to 43.0 in October from 42.1 in September.

The figure for Germany worsens, with the German Construction PMI index falling to 40.2 in October from 41.7 in September, indicating another sharp decline in the construction sector.

In France, S&P Global's Construction PMI rose to 42.2 in October from a multi-year low of 37.9 the previous month, according to data released Thursday.

Although the reading was the highest in five months, it still indicated a solid contraction in the construction sector.

Back in Milan, on the highest-capitalization list in Piazza Affari, stocks in the banking sector did well, with Banco BPM remaining on top of the best performers at mid-session advancing 8.2 percent after it released its results for the first nine months of the year on Wednesday, reporting net income at EUR1.70 billion, up 80 percent from EUR943.4 million in the same period of 2023.

Net income for the third quarter was EUR945.7 million, up from EUR319.0 million in the July-September 2023 quarter.

The bank also announced, also on Wednesday, that Banco BPM Vita has launched a voluntary tender offer for shares in Anima Holding at a price of EUR6.20 per share. The offer is mainly preordained to strengthen the business model of Banco BPM Vita, which will be transformed into an integrated life insurance and asset management product factory.

Iveco Group follows - up 5.1 percent - after it reported Thursday that it ended the third quarter with adjusted profit of EUR106 million, up from EUR96 million in the same period a year earlier.

DiaSorin is doing well, up 3.3 percent. Yesterday, the pharmaceutical blue chip reported that it closed the first nine months of the year with a profit of EUR141 million from EUR112 million as of September 30, 2023.

Morgan Stanley announced Thursday that it had raised the pharma's stock to equal-weight with price target at EUR100.

FinecoBank rises 2.5 percent after it reported today that it achieved net inflows of EUR979.3 million in October from EUR495.5 million in the same month of 2023, up 98 percent.

Reduces gains at the turnaround BPER Banca, up 1.3 percent. The bank reported its results for the first nine months of the year on Thursday, posting a consolidated net profit of EUR1.17 billion, up from EUR1.11 billion in the same period a year earlier.

Net interest income for the nine months reached EUR2.52 billion, up 6.0 percent from EUR2.38 billion in the nine months 2023.

Snam--slides 1.9% and ranks at the bottom of the list--after it reported Thursday morning results for the first nine months of the year, a period that ended with adjusted group profit of EUR996 million, up from EUR942 million in the first nine months of 2023.

Revenues amounted to EUR2.65 billion, down from EUR2.86 billion in the same period 2023. Weighing down is the 70% reduction in revenues from the energy transition businesses, due to the lower contribution of energy efficiency in the face of the end of Superbonus incentives.

On the Mid-Cap, Anima Holding flies mid-session up 9.7 percent after news of the takeover bid launched by Banco BPM Vita at EUR6.20 share.

The financial conglomerate Banco BPM-Anima, will be the second largest group in Italy.

Cementir Holding rises 3.9 percent. The compamy reported Wednesday that it closed the first nine months with a pre-tax profit of EUR210.4 million, down 13 percent from EUR241.3 million in the same period of 2023.

Revenues amounted to EUR1.23 billion from EUR1.30 billion, thus down 4.6 percent.

Ariston Holding - up 1.3 percent - is doing well after it released data for the first nine months on Wednesday, reporting revenues of EUR1.91 billion, down 15 percent from EUR2.25 billion in the same period 2023.

Lottomatica - up 1.1% - after Barclays raised its target price to EUR17.00 with overweight title.

Remains at the bottom of the list Philogen, which leaves 2.5% on the parterre.

On Small-Cap, at the top of the list BasicNet gains 7.5%, followed by Aedes, up 5.7% at mid-session.

Servizi Italia - flat at EUR2.36 - reported Thursday that it closed the first nine months of the year with a profit of EUR5.1 million, down from EUR5.8 million in the same period of 2023.

Landi Renzo gives up 0.3 percent after it reported Wednesday that it made a loss of EUR27.3 million in the first nine months, a slight improvement from a loss of EUR28.6 million in the same period last year.

Revenues amounted to EUR197.7 million from EUR221.1 million in the nine months 2023.

Among SMEs, best performance for Shedir Pharma, which soars 17 percent.

Mare Engineering Group - up 2.5 percent - is doing well after it reported Thursday that the board of directors approved guidance on a voluntary basis with reference to some group economic and financial indicators for fiscal year 2024.

The forecast shows group results rising sharply compared to FY 2023, particularly with increased profitability and reduced net financial debt.

Slight uptick for Almawave - down 0.4 percent - after the company reported its results for the first nine months on Wednesday, recording a net profit of EUR2.2 million, marking a 39 percent drop from EUR3.6 million in the same period last year, with a 6.4 percent margin on revenues.

Redfish LongTerm Capital--flat at EUR1.25--reported Wednesday that its board of directors approved its 2024-2027 development plan, which calls for growth in consolidated equity to EUR90 million by the end of the period.

No trade for Valtecne. The company reported Thursday rising revenues for the nine months to EUR24.0 million.

In New York, the Dow rose 3.6 percent, the Nasdaq gained 3.0 percent while the S&P 500 picked up 2.5 percent.

Among currencies, the euro changed hands at USD1.0762 from USD1.0728 on Wednesday in closing European equities. The pound is worth USD1.2916 versus USD1.2883 last night.

Among commodities, Brent crude is worth USD71.17 per barrel from USD75.06 per barrel Wednesday night. Gold trades at USD2,673.30 an ounce from USD2,665.99 an ounce last night.

On Thursday's economic calendar, at 1300 CET, room for the BoE interest rate decision while at 1430 CET, US unemployment claims will come out.

At 2000 CET, it will be the Fed's turn to announce its interest rate decisions.

By Antonio Di Giorgio, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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