(Alliance News) - Major European stock exchanges continue to move lower, mid-day Monday, with the repercussions of SVB's collapse pushing Italian banking stocks to the bottom while Piazza Affari is the worst in Europe.

As a result, the FTSE Mib is down 4.0 percent to 26,177.59. Among the smaller listings, the Mid-Cap is down 3.8% to 42,098.10, the Small-Cap gives up 2.5% to 29,411.38, and Italy Growth is down 2.2% to 9,227.22.

In Europe, Paris's CAC 40 is down 2.5 percent, London's FTSE 100 is giving up 2.1 percent and Frankfurt's DAX 40 is in the red 2.6 percent.

On the Mib, only Italgas is saved, in the green by 0.3 percent.

Leonardo, the only stock in the black at the opening, is now down 0.3%.

Bankers finish at the bottom with BPER Banca in the red 9.2%, Banco BPM down 8.9% and Intesa Sanpaolo down 7.2%. FinecoBank is also down 6.7 percent. UniCredit gives up 7.4 percent. Mediobanca, on the other hand, loses 5.9%.

FinecoBank announced Friday that it has received from the Single Resolution Board and the Bank of Italy the updated decision on the determination of the minimum requirement of own funds and eligible liabilities, which replaces the previous decision communicated in August 2021.

As of January 1, 2024, FinecoBank will have to comply on a consolidated basis with an MREL requirement of 18.91 percent of TREA - 21.45 percent inclusive of the Combined Buffer Requirement and equal to 5.25 percent of the LRE, ensuring a linear increase in own funds and eligible liabilities to achieve the requirements.

Nexi - down 4.2 percent - announced Friday that it purchased 167,561 common shares between March 3 and March 9, 2023.

The shares were taken over at an average piece of EUR7.7696 for a total of EUR1.3 million.

Poste Italiane--which is retreating 4.3 percent--announced Friday a strategic partnership with Deutsche Post DHL Group for the Italian and international parcel market.

The Mid-Cap is entirely colored red. The last positions are still all occupied by banking stocks. Banca Popolare di Sondrio gives up 8.3 percent, Banca Monte dei Paschi di Siena is in the red 8.0 percent while Credito Emiliano is down 6.8 percent. On Friday it announced that it and Credemholding have signed the new EUR5 billion EMTN program.

Issues under the program will also be able to be issued in ESG format according to Credem Group's Green, Social and Sustainability Bond Framework.

Datalogic's consolidated revenues - in the red by 9.1 percent - rose 9.5 percent in 2022, as disclosed by the company on Thursday, hitting EUR654.6 million compared to EUR597.8 million realized as of Dec. 31, 2021; at constant exchange rates, revenues are up 4.4 percent.

On the Small, LVenture Group is in the green by 3.7 percent after announcing, along with Digital Magics-which gives up 1.2 percent on Italy Growth-that it has mandated LVG CEO Luigi Capello and DM Executive Chairman Marco Gay to sign a non-binding term-sheet regarding the integration between the two companies, which is expected to be achieved through a merger by incorporation of DM into LVG.

Tesmec's board of directors -- down 6.8 percent -- on Friday approved the draft operating and consolidated financial statements 2022 reporting revenues of EUR245.2 million up from EUR194.3 million in 2021.

Net income amounts to EUR7.9 million up sharply from the EUR1.2 million recorded in 2021.

Ebitda for 2022 turns out to be EUR35.2 million improving from EUR28.1 million in the previous year.

Caltagirone's board of directors on Friday reviewed and approved the draft financial statements for the year ending Dec. 31, 2022 reporting revenues up 23 percent as they rose to EUR1.99 billion from EUR1.62 billion. The board also proposed a dividend of EUR0.15 up from EUR0.10 in 2021.

The stock gives up 0.3 percent.

Among SMEs, Masi Agricola gives up 2.7 percent after reporting Friday that it saw double-digit growth in 2022 revenues but that net income fell year-on-year, leading the board to reduce the dividend from the one it paid last year.

The company's net income dropped to EUR4.5 million in 2022 from EUR5.4 million in 2021, and the board proposed to shareholders to distribute a dividend of EUR0.06 per share compared to EUR0.08 per share in the previous year.

Technoprobe gives up 1.6 percent after reporting, with reference to the events surrounding Silicon Valley Bank Financial Group, that its exposure to SVB Financial Group represents about 2.5 percent of the company's cash and cash equivalents as of Dec. 31, 2022.

Technoprobe has no other current accounts or lines of credit with SVB Financial Group and therefore considers the exposure immaterial.

Illa is stuck for excess volatility at minus 30 percent after reporting that shareholder NOI Srl has challenged all resolutions of the Feb. 22 shareholders' meeting, whereby shareholders decided to initiate approval of a EUR21.0 million convertible bond reserved for Negma Group Investment Ltd.

The shareholders had also rejected proposals by some shareholders to instruct the board of directors not to implement the remaining tranche of the POC cum warrants for EUR3.3 million plus EUR975,000 to service the conversion of the warrants associated with the bonds free of charge, and to bring liability action against all seven members of the board of directors, with their removal and subsequent appointment of the new board.

Sciuker Frames--in the red by 2.1 percent--reported that it has entered into a partnership with Deutsche Bank Easy that allows it to replace the invoice discount without any impact on customers.

Under a new Decree-Law, customers are not allowed to request the invoice discount as a payment method for 50 percent of the invoice; therefore, for all new orders, the customer would be left with the only option of paying the entire invoice and then using the related credit generated over 10 years, deducting it from their annual fee amount paid.

In New York overnight Europe, the Dow closed down 1.1 percent, the Nasdaq down 1.8 percent, and the S&P 500 contracted 1.5 percent.

Among currencies, the euro changed hands at USD1.0675 versus USD1.0658 at Friday's close. In contrast, the pound is worth USD1.2062 from USD1.2045 on Friday evening.

Among commodities, Brent crude is worth USD81.37 per barrel versus USD81.92 per barrel Friday night. Gold, on the other hand, trades at USD1,884.00 an ounce from USD1,856.97 an ounce at Friday's close.

On Monday's economic calendar, at 1500 CET, three-, six-, and 12-month BTF auctions are scheduled in France.

At 1600 CET, consumer inflation expectations will come in from the U.S., and auctions of three- and six-month Treasury bills will be held.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.