(Alliance News) - The Mib on Monday closed heavily lower, in its fourth bearish session, placing the point bar in the 31,200 area and touching new six-month lows during the session. The decline is in line with other European exchanges amid a slump in global markets driven by fears of prolonged high interest rates, as well as weakness in the U.S. labor market.

On the domestic front, the Italian services PMI rose less than expected, from 53.7 to 51.7 in July 2024, well below the 52.9 estimated by analysts.

Thus, the FTSE Mib gave up 2.3 percent to 31,293.52, the Mid-Cap closed 2.1 percent in the red to 44,550.05, the Small-Cap gave up 2.0 percent to 27,486.90, and Italy Growth is down 2.4 percent to 7,747.67.

In Europe, Paris' CAC 40 gave up 1.5 percent, London's FTSE 100 closed 2.2 percent in the red, and Frankfurt's DAX 40 gave up 1.9 percent.

On the Mib, a list that was completely in the red, Nexi left 6.1 percent on the parterre, on the heels of Friday night's 4.4 percent red and with new price at EUR5.15 per share.

Saipem gave up 4.4 percent. The company announced Monday that it has initiated a program to purchase 18.6 million of its own ordinary shares to service the 2024 award of the company's 2023-2025 Long-Term Variable Incentive Plan. The potential maximum outlay for the purchase of these shares is estimated at around EUR40.3 million.

For Iveco Group, on the other hand, the decline was 3.0 percent, in position for the third bearish session. On the stock it is reported that a few days ago Capital Fund Management raised its short on the stock to 1.06% from 0.91% previously.

Banca Monte dei Paschi left 3.2% on the parterre, on its fourth bearish session and awaiting the release of accounts.

Tenaris - down 1.9% - announced over the weekend the completion of the fourth and final tranche of its USD1.2 billion share buyback program announced on Nov. 1, 2023. In fact, between July 29 and August 2, it bought back some 1.6 million shares at an average price of EUR13.6740 for a total value of EUR21.5 million.

In total during the fourth tranche, which ran from June 17, 2024 to August 2, 2024, the company purchased 19.5 million ordinary shares for a total consideration of EUR278.7 million, or USD300 million.

On the cadet segment, it advanced-among the few bullish performers-Carel Industries, which posted plus 0.3 percent, after two sessions closed down. Last week on Thursday it approved its half-year results as of June 30, a period that ended with a profit of EUR27.8 million, down 31 percent from EUR40.3 million as of June 30.

Tinexta, on the other hand, closed double-digit bearish over 17 percent, on its third bearish candle. The board of directors on Friday approved the half-year report as of June 30, which closed with a net profit of EUR2.3 million from EUR45.1 million. In contrast, adjusted profit from continuing operations was EUR11.9 million from EUR18.8 million in the same period of 2023.

MARR, on the other hand, gave up 5.6 percent to EUR10.46 per share, in its third bearish session. The company disclosed a few days ago that it had closed the first half with a net profit of EUR17.5 million from EUR18.7 million in the same period of 2023. Total consolidated revenues amounted to EUR987.7 million, down from EUR1.00 billion in the same period of 2023.

Danieli & C, on the other hand, closed down 3.1 percent, on its third bearish candle.

Among smallcaps, Datalogic advanced more than 11 percent, after a 1.7 percent green in the previous session. The company reported Friday its first-half results, which closed with a profit of EUR9.3 million from EUR12.1 million in the same period a year earlier. Revenues amounted to EUR244.6 million, down from EUR288.9 million in the first half of 2023.

Good buying also on Pinifarina, which perished 2.1 percent, after four sessions in which selling prevailed. The board last week approved the financial report on the group's performance in the first half of 2024, closing with a net loss of EUR900,000, which compares with a net loss of EUR3.7 million as of June 30, 2023. Revenues from sales and services including assets from contracts and royalties amounted to EUR47.2 million, up EUR10.4 million from the corresponding figure for the comparison period.

Sales on Bialetti, which gave up 4.7 percent from the previous session's green. The stock, which closed at EUR0.2050, updated a new 52-week low at EUR0.2030 during the session.

Bioera contracted 9.8 percent, following the previous session's 4.8 percent red.

Among SMEs, Confinvest posted a plus 2.5 percent, breaking a four-session bearish mini-trend.

Ecosuntek, on the other hand, gave up 9.0 percent, in its third bearish session.

Iervolino & Lady Bacardi gave up more than 10%, after Friday's flat session, with price at EUR0.44 per share.

FOS -- in the red by 3.1 percent -- reported Monday that it closed the first half with sales revenue at EUR11.9 million, up 6.0 percent from EUR11.3 million in the same period of 2023. Net financial debt was EUR1.8 million from a cash positive figure of EUR300,000 as of Dec. 31.

In New York, the Dow is giving up 2.2%, the Nasdaq is retreating 2.9%, and the S&P 500 is marking a negative 2.5%.

Among currencies, the euro changes hands at USD1.0962 against USD1.0916 on Friday's European stock close while the pound is worth USD1.2752 from USD1.2801 on Friday evening.

Among commodities, Brent crude is trading at USD76.18 per barrel from USD76.92 per barrel at Friday's close. Gold, on the other hand, trades at USD2,406.00 an ounce from USD2,427.31 an ounce on Friday evening.

Tuesday's macroeconomic calendar, coming up at 0930 CEST is the PMI data on construction in Italy, Germany and France. At 1100 CEST it will be the turn of the Italian trade balance and eurozone retail sales.

At 1430 CEST, from the States, the trade balance will be available, while at 2230 CEST the weekly oil stocks report will be released.

On the corporate calendar, coming up are the accounts of Banca Popolare di Sondrio, BPER Banca, EdiliziAcrobatica, FILA, Innovatec, Masi Agricola, Piquadro, Revo Insurance, and Tesmec.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.