Correction phase on the stock markets; Leonardo rises

(Alliance News) - The main European stock markets - confirming the trend in futures - opened lower on Thursday, in a context dominated by widespread profit-taking following the recent bullish movement.

The positive momentum generated by the trade agreement between the US and China is showing signs of running out, while the market's focus is gradually shifting to the flow of quarterly results.

In Milan, 8% of stocks are up, 13% are down, 2% are unchanged, while 77% are not yet traded, with trading volume reaching approximately EUR 420 million.

As a result, the FTSE Mib is down 0.5% at 40,173.27, with blue chip volumes showing a put/call ratio of 0.73.

The FTSE 100 in London is down 0.5%, the CAC 40 in Paris is down 0.3%, while the DAX 40 in Frankfurt is down 0.5%.

Among the smaller indices, the Mid-Cap is down 0.4% at 53,555.43, the Small-Cap is up 0.5% at 30,817.56, while the Italy Growth is up 0.1% at 7,852.88.

Returning to Milan, on the blue-chip list, among the minority of gainers is Leonardo, up 1.5% at EUR46.17, on its third bullish candle.

Ferrari is also in the green, up 0.4% in its tenth session in positive territory.

Nexi, down 0.6%, announced that it had successfully completed the placement of a EUR750 million senior unsecured bond maturing in six years, as part of its new EUR4 billion EMTN program approved at the end of February. The issue, intended exclusively for institutional investors, attracted strong interest, with orders totaling approximately EUR 3.5 billion, almost five times the amount offered.

Eni - down 1.5% - announced on Thursday that it had signed a temporary exclusive agreement with Ares Alternative Credit Management aimed at negotiating a definitive agreement and the subsequent finalization of the sale of a 20% stake in Plenitude. The oil company announced that the agreement with the fund was signed on the basis of an equity value of the subsidiary of between EUR 9.8 billion and EUR 10.2 billion, corresponding to an enterprise value of over EUR 12 billion.

Iveco Group - down 6.7% - announced on Thursday that it closed the first quarter with revenues of EUR 3.03 billion, down from EUR 3.37 billion in the same period last year. Net revenues from industrial activities amounted to EUR 2.96 billion compared to EUR 3.28 billion in the first quarter of 2024, with better prices partially offsetting lower volumes in Trucks and Powertrain and a negative impact from exchange rates.

In the secondary segment, Moltiply Group is performing well after its results, up 4.5%. Revenues amounted to EUR 132.8 million, up 25% from the previous year, when they amounted to EUR 106.0 million.

The board of Newlat Food, up 0.5%, approved the interim management report as of March 31, closing the period with a consolidated net profit of EUR 13.5 million, up from the loss of EUR 2.2 million recorded in the first quarter of 2024.

Webuild, down 0.2%, announced on Wednesday that it had recorded new orders worth a total of EUR 5.00 billion in the first three months of 2025, of which EUR 220.0 million had already been formally awarded, while the remainder consisted of contracts in an advanced stage of finalization in low-risk markets such as Italy, Australia, Saudi Arabia, and North America.

Salvatore Ferragamo - down 6.8% - announced on Wednesday that it closed the first quarter with total group revenues of EUR 221.1 million, down from EUR 227 million as of March 31, 2024.

Rai Way - down 1.2% - announced on Wednesday that it had recorded a net profit of EUR 22.6 million as of March 31, down 5.3% from EUR 23.8 million in the first quarter of 2024, while core revenues amounted to EUR 70.0 million compared to EUR 68.9 million last year, up 1.7% thanks to media distribution services and digital infrastructure.

On the Small-Cap market, Orsero rose 7.7% to EUR13.72, recovering after three sessions of decline.

doValue - at the top of the list with 8.9% - announced on Wednesday that it closed the first quarter with a net profit - excluding non-recurring items - of EUR 9.1 million, an improvement on the loss of EUR 2.4 million recorded in the same period of 2024. Including non-recurring items, the net loss amounted to EUR 946,000, compared to a loss of EUR 7.1 million in the first quarter of 2024.

FNM - flat at EUR0.39 per share - announced on Wednesday that it closed the first quarter with a net profit of EUR12.0 million, up from EUR13.5 million as of March 31, 2024. Revenues for the three months amounted to EUR154.5 million, up from EUR143.7 million in the same period of 2024. EBITDA at March 31 was EUR 50.6 million, up from EUR 47.8 million in 2024.

The board of Centrale del Latte d'Italia - not yet traded - announced on Thursday that it had approved the results as of March 31, closing the period with a net profit of EUR 2.2 million, up 19% compared to EUR 1.9 million in the same period last year.

Among SMEs, Growens advanced 2.4% to EUR3.40 after falling 1.5% the previous day.

Innovatec - up 2.5% - announced on Wednesday the sale, through its subsidiary Innovatec Energy Srl, of the entire share capital of the special purpose vehicle Elios 6 Srl, owner of a 4.5 MWp photovoltaic plant located in Petilia Policastro, in the province of Crotone. The transaction, completed with the CEUR and Camplus Foundations, has a total value of EUR 4.4 million.

Omer - not yet traded - announced on Wednesday that it closed the first quarter with total consolidated revenues of EUR 22.4 million, up 16% year-on-year, while EBITDA at March 31 was EUR 3.5 million. The net financial position was positive at EUR18.8 million, compared with EUR19.9 million as of December 31, 2024.

Clabo - down 8.7% - announced on Wednesday that it closed the first quarter with total revenues of EUR 15.8 million, down from EUR 16.8 million as of March 31, 2024. Net sales for the three months stood at EUR 15.5 million, up from EUR 15.2 million in 2024.

In New York last night, the Dow closed down 0.2%, the Nasdaq advanced 0.2%, while the S&P 500 is up 0.1%.

In Asia, the Nikkei closed down 1.0%, the Shanghai Composite lost 0.7%, and the Hang Seng is down 0.9%.

Among currencies, the euro is trading at USD 1.1211 from USD 1.1199 last night, while the pound is trading at USD 1.3288 from USD 1.3297 last night.

Among commodities, Brent crude is trading at USD 63.38 per barrel, down from USD 66.10 per barrel last night, while gold is trading at USD 3,144.16 per ounce, down from USD 3,184.09 last night.

Thursday's macroeconomic calendar includes the update on GDP and employment figures, as well as industrial production data, at 11:00 CEST from the Eurozone.

At 12:15 p.m. CEST, Luis de Guindos, Vice President of the European Central Bank, is scheduled to speak.

In the afternoon, at 2:30 p.m. CEST, data on initial and continuing jobless claims, retail sales, and the core producer price index will be released in the US.

At 2:40 p.m. CEST, Federal Reserve Chairman Jerome Powell is scheduled to speak.

The day will end at 3:15 p.m. CEST, again from the US, with data on industrial and manufacturing production.

The corporate calendar for the Italian stock market includes the results of Iren, Iveco Group, and Terna, among others.

By Maurizio Carta, Alliance News reporter

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