(Alliance News) - On Wednesday, the Mib closed higher in the 30,400 area after the Christmas break, buoyed by optimism about the possibility that the Federal Reserve, as well as other princely central banks, may initiate cuts in the cost of money starting in the early part of 2024.

Data released Friday showed that the core PCE index in the U.S., the Fed's preferred inflation indicator, slowed to 3.2 percent in November from 3.4 percent in October, coming in below forecasts of 3.3 percent.

In addition, data on Thursday indicated weaker-than-expected U.S. economic growth in the third quarter and a slight increase in unemployment claims in the latest period.

As a result, the FTSE Mib closed up 0.2 percent to 30,421.51, the Mid-Cap was up 0.6 percent to 44,730.47, the Small-Cap was up 1.0 percent to 28,212.04, and Italy Growth was up 0.5 percent to 8,157.60.

In Europe, London's FTSE 100 closed up 0.4 percent, Paris' CAC 40 in fractional green, and Frankfurt's DAX 40 picked up 0.1 percent.

On Milan's largest-capitalization list, Saipem did best of all, up 2.8 percent and following up on the 0.1 percent green on the eve of the day.

Banca Monte dei Paschi closed up 1.6 percent at EUR3.11 per share, following the previous session's 1.0 percent gain.

Iveco also did well, up 1.0%, which reported Friday that it had bought back 165,056 of its own ordinary shares between December 18 and 20. The shares were taken over at an average price per share of EUR7.9320, for a total value of EUR1.3 million.

Hera, on the other hand, gave up 0.9 percent to EUR2.98 per share, after 0.5 percent green in the previous session.

Amplifon, on the other hand, gave up 0.4 percent to EUR31.42, in its third bearish session.

On the Mid-Cap, d'Amico gave up 3.8 percent after a 1.7 percent green in the previous session.

LU-VE, also in the rear, gave up 3.0%, following up last session's decline with 0.4%.

On the bullish side, Digital Value rallied 3.2%, following up last session's 1.2%.

Fincantieri rose 1.9 percent after announcing Wednesday that it had signed an agreement to take over the entire capital of Remazel Engineering from Advanced Technology Industrial Group. The deal - financed entirely with equity - is expected to close by the first quarter of 2024. The deal goes through for a consideration based on an enterprise value of EUR78 million.

Acea gained 0.9 percent after its board approved the definition and submission to Roma Capitale of a project financing proposal for the conession of the management of the capital's public lighting network and service. The presentation of the spontaneous proposal to Roma Capitale, a related party of Acea as the controlling entity, represents the introductory act of an articulated procedure, also characterized by a possible and preliminary phase of dialogue with the Capitoline administration, aimed at assessing the feasibility of the proposal.

Among the low-capitalization companies, Trevifin rose more than 18 percent, after announcing that it had extended its 2022-2026 business plan by another year, to 2027. Targets of an average annual revenue growth of 5 percent over the plan period, a recurring Ebitda margin of over 13 percent at the end of the plan from the 12 percent expected this year, and increasing cash generation due to the positive contribution of both business divisions, favoring the achievement of the ratio of Net Financial Position to recurring Ebitda at a level of less than 2 times, as early as the end of 2026, remain confirmed.

As of November 30, 2023, the group's backlog was EUR757 million, up 28 percent or EUR170 million from December 31, 2022. The group's order intake amounted to EUR700 million, 6 percent above the group's expected annual target of EUR659 million, thanks to the Trevi division, which exceeded its annual target by 21 percent.

Also ahead was Tessellis, which brought home a gain of more than 16 percent with new price at EUR0.6660, which followed a 2.4 percent decline in the previous session. Of note, the stock had closed bullish in the previous two sessions with a cumulative gain of about 23%.

FNM rallied 1.1 percent. The company announced that it has signed a second application contract with Alstom Ferroviaria for the supply of two hydrogen trains--in addition to the first six already contracted and ordered--for EUR27.5 million.In addition, FNM acquired a 30.8% stake in Mbility, a company that facilitates the availability and increases the supply of transportation services, including accompanied transportation, for frail or disabled persons through its proprietary digital platform. Mbility's equity investment is made through the subscription and payment of a EUR1 million reserved capital increase to FNM.

CY4Gate rose 3.0 percent after winning contracts for EUR1.6 million in cybersecurity and EUR750,000 for decision intelligence solution. The supply, with a total value of just over EUR2.3 million for the duration of one year, is for leading institutional and corporate entities operating in both the Italian and foreign markets. In the cybersecurity area, CY4Gate has concluded agreements for the sale of three different Cyber Hybrid Digital Twins for training, testing & validation activities and for deception activities of potential attackers through the creation of honey nets, all to harden the cyber resilience of its clients.

Among the negative notes, Fidia gave up 1.8 percent, continuing its long bearish trend.

Among Piazza Affari SMEs, Cloudia Research continued its good performance, which, after putting up 50 percent on its stock market debut, rose by the same percentage on its second day of trading in Milan before going into volatility auction.

FAE Technology advanced 5.6 percent to EUR2.81, following a 14 percent gain in the previous session.

Vantea SMART is doing well, up 13% after the Ministry of Enterprise and Made in Italy received a positive financial and technical report from MPS Capital Services for the Cyberlens project. The approved amount is EUR6.3 million, which is matched by a EUR3.7 million facility, including EUR2.6 million in the form of an expenditure grant and EUR1.1 million in subsidized financing.

Neosperience -- in the green by 4.8 percent -- reported Wednesday that the USD1 million capital increase of its subsidiary Neosperience Health has been completed. In addition, a filing to apply for the subsidiary's listing on Nasdaq has been filed with the US Securities and Exchange Commission. The aim of this transaction is to place, by the first quarter of 2024, as previously announced in May, a 15-20% stake in NH's capital increase, so as to raise financial resources to accelerate NH's growth in a highly innovation-driven market.

At the back of the pack, Caribbean Company gave up 5.5 percent, following a 3.6 percent green in the previous session.

In New York, the Dow is in the green by 0.2%, the Nasdaq up 0.1%, and the S&P 500 is advancing 0.1%.

Among currencies, the euro changes hands at USD1.1113 against USD1.1021 recorded in Friday's European stock close while the pound is worth USD1.2794 from USD1.2726 on Friday evening.

Brent crude is worth USD79.91 per barrel versus USD80.18 per barrel at Friday's close. Gold, on the other hand, trades at USD2,080.75 an ounce from USD2,060.52 an ounce Friday night.

Thursday's macroeconomic calendar includes, at 0050 CET, Japan's industrial production along with retail sales.

From the US, at 1430 CET, come unemployment claims and the trade balance. At 1700 CET it will be the turn of crude oil stocks, Cushing's invenario and the EIA report.

At 1730 CET, a 4- and 8-week Treasury bond auction is scheduled, and at 1900 CET, a 7-year Treasury bond auction is coming up.

No special announcements are expected among companies.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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