(Alliance News) - Piazza Affari closed in the green for the first weekly session, to bring the point bar close to 25,900, after its worst week since last June, and aligning with other major European exchanges following the banking system turmoil that ended with giant UBS bailing out Credit Suisse.

ECB number one Christine Lagarde on Sunday said the European Central Bank is "ready to respond if necessary" to preserve financial and price stability in the euro area after UBS's takeover of Credit Suisse.

The Eurotower number one said the euro area banking system is "resilient, with solid capital and liquidity positions." She also said the ECB is monitoring markets and that its toolkit is "fully equipped to provide liquidity support to the euro area financial system if needed."

Lagarde welcomed the government-backed acquisition of Credit Suisse, which was finalized on Sunday, calling it "instrumental in restoring orderly market conditions and ensuring financial stability." The European Central Bank is "ready to respond if necessary" to preserve financial and price stability in the euro area, Lagarde said.

Thus, the FTSE Mib closed 1.6 percent higher at 25,899.57.

Among the smaller listings, the Mid-Cap closed in the green 2.1 percent to 42,429.64, the Small-Cap rose 0.5 percent to 29,577.56, and Italy Growth was in the green 0.1 percent to 9,197.51.

In Europe, London's FTSE 100 closed up 0.9 percent, Paris's CAC 40 rallied 1.3 percent, and Frankfurt's DAX 40 advanced 1.1 percent.

On the main list of Piazza Affari, Banco BPM closed marching ahead by 3.9 percent after Friday's 0.2 percent red.

Intesa Sanpaolo, on the other hand, picked up 3.7 percent after Friday's red with 2.5 percent.

FinecoBank, on the other hand, brings home a green of 3.7 percent. On the stock, it is reported that Marshall Wace raised its short position on the stock to 0.83 percent from 0.72 percent

Banca Monte Paschi di Siena - in its first session on the Mib replacing Buzzi Unicem, which closed 2.8% green on the Mid - put up 1.8% after three sessions ended among the bearish.

Among the few bearish performers, DiaSorin gave up 4.3 percent. The company announced Friday that it has received approval from the U.S. Food and Drug Administration for the Simplexa Covid-19 & Flu A/B Direct test. The test detects and differentiates influenza type A and B and SARS-CoV-2 viruses, providing physicians with the information they need to determine the most appropriate course of treatment for a patient.

On the Mid-Cap, El.En. is seen at the bottom, down 5.1 percent. The stock closed the session with high trading volume at 390,000, compared to a three-month daily average of about 63,000. Also on the stock, Beremberg cut its target price to EUR15.30 from EUR16.10.

On the list soared Iren, which closed ahead 8.1 percent at EUR1.68 pending results due to be published on Thursday.

Mutuionline, on the other hand, advanced 6.2%, rearing its head again after three sessions ended among the bearish.

Fincantieri was also among the best performers and gained 4.8 percent after announcing Friday that it had initiated a new share buyback program to service the company's existing approved incentive plans and in particular the 2021 incentive plan. The plan will target a maximum number of 10 million shares, corresponding to 0.6 percent of the company's share capital, and will last until April 6, 2023.

On the Small-Cap, Softlab closed up 2.9 percent after approving Friday its consolidated and draft financial statements as of December 31, 2022 reporting revenues up 25 percent to EUR23.7 million from EUR18.9 million a year earlier. Net income of EUR3.2 million is in line with EUR3.1 million in 2021, after reporting net financial management income of EUR239,000 and operating income taxes of EUR939,000.

Piquadro, meanwhile, advanced 1.2 percent to EUR1.67 per share. The company -- which is continuing with its buyback plan -- reared its head again after three bearish sessions.

Fidia gave up 3.1 percent after announcing Friday that it had approved financial statements as of December 31, 2022, having reported net revenues of EUR24.4 million from EUR23.8 million in 2021. Net income amounted to EUR5.8 million from a loss of EUR3.5 million as of Dec. 31, 2021.

Aquafil, on the other hand, gave up 5.6 percent after two sessions in the green. The company reported last Thursday that it ended 2022 with a net profit nearly tripled to EUR29.2 million from EUR10.7 million a year earlier.

Among SMEs, Fenix Entertainment advanced more than 18 percent, following a 3.8 percent red Friday night and bringing the price to EUR0.2860.

DHH, on the other hand, took home 8.6 percent as it awaits results due to be published on Tuesday.

Intermonte Partners SIM, on the other hand, gave up 0.9 percent, after reporting that it ended 2022 with net income down to EUR7.6 million from EUR8.7 million in 2021. Net interest and other banking income fell to EUR38.3 million from EUR43.9 million, net income from financial operations fell to EUR38.2 million from EUR43.9 million, and pretax profit fell to EUR7.6 million from EUR8.7 million.

Culti Milano, on the other hand, gave up 9.3 percent to EUR20.50 per share after ending the previous two sessions in the black.

In New York, the Dow marked a 0.9 percent green, the Nasdaq is giving up 0.2 percent, and the S&P 500 is in the green by 0.4 percent.

Among currencies, the euro changes hands at USD1.0722 against USD1.0667 at Friday's close. In contrast, the pound is worth USD1.2265 from USD1.2169 on Friday evening.

Among commodities, Brent crude is worth USD72.09 per barrel versus USD73.50 per barrel Friday night. Gold, meanwhile, trades at USD1,977.22 an ounce from USD1,959.47 an ounce at Friday's close.

On Tuesday's economic calendar, at 0800 CET comes the data on registrations in Italy, France, and Germany. At 1100 CET, it is the turn of the ZEW index of economic conditions in Germany and the Eurozone. For the latter, the data on construction output will also be released.

At 1330 CET, a speech by ECB President Lagarde is also scheduled, while at 1500 CET from the US, the figure on existing home sales is expected.

At 2130 CET, there will be the data on weekly oil inventories.

On the corporate calendar, results from B&C Speakers, Gambero Rosso, HERA, Piovan, Primsi, and Telesia are among the many scheduled.

By Maurizio Carta, Alliance News reporter

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