MIb down; Leonardo bats a path after accounts

(Alliance News) - On Wednesday, European stock markets -- with Piazza Affari bucking the tide and falling -- move higher, continuing the recent good momentum, with traders expressing optimism about the prospect of falling interest rates, with attention equally focused on quarterly reports from the corporate world.

Thus, the FTSE Mib, is giving up 0.2 percent to 34,172.10 points.

In Europe, Paris's CAC 40 is up 0.7 percent, London's FTSE 100 is advancing 0.4 percent, and Frankfurt's DAX 40 is marking plus 0.3 percent.

Among the smaller lists on Tuesday, the Mid-Cap is giving up 0.3% to 447,996, the Small-Cap is advancing 0.3% to 29,398.37 while Italy Growth loses 0.2% to 8,233.33.

On the Mib, good start for Recordati, which moves ahead 1.4 percent with new price at EUR51.20 per share, pending accounts due on Thursday.

The board of Banco BPM Spa -- in the green by 0.3 percent -- on Tuesday approved the financial report for the first quarter of 2024, closing with a net profit of EUR370.2 million compared with EUR265.3 million in the first three months of 2023. As a result, net income from continuing operations amounted to EUR446.3 million and was up 37 percent from the figure of EUR326.8 million in the first quarter of 2023 and 30 percent from EUR343.1 million in the fourth quarter of the previous year.

Good accounts also for Leonardo, which leads the list up 3.4 percent. In the first quarter 2024 it closed with a net result of EUR459 million from EUR40 million in the comparable period, which includes, in addition to the ordinary net result, the gain recognized as a result of the fair value measurement of the Telespazio Group, carried out for the purpose of fully consolidating it. Net ordinary income, on the other hand, amounted to EUR93 million.

Inwit -- ahead 0.2 percent -- reported Tuesday that it ended the first quarter with revenues of EUR254.6 million compared with EUR233.6 million in the same period last year.

Stellantis, on the other hand, took a step back 1.1 percent, with price at EUR19.97, following two previous sessions that closed lower.

Campari, on the other hand, is stepping back 1.0 percent, following Monday's 6.8 percent gain thanks to excellent quarterly accounts.

On the Mid-Cap, buoyancy on Intercos, which scores a plus 6.3%, despite reporting declining accounts on Tuesday, but still confirming guidance for 2024 that forecasts growing numbers.

Good accounts for Credito Emiliano, which reported Tuesday that it closed the first quarter with a net profit of EUR160.9 million, which compares with EUR134.8 million in the same period last year. The stock trades bullish by 0.4 percent.

In contrast, d'Amico is advancing 1.6 percent, in its third session among the bullish traders that closed the three-month period with nearly stable profit and revenues.

At the tail end, Ariston Holding is stepping back 2.9%, after reporting that it closed the first three-month period with revenues down slightly.

Maire Tecnimont, on the other hand, closes the list in with a bearish candle of 4.7 percent. The company placed more than 2.3 million shares, corresponding to about 0.7 percent of the total number of ordinary shares, with institutional investors, for a total gross consideration of about EUR16.9 million. The beneficiaries of the LTI Plan have undertaken a lock-up commitment on the shares remaining from the placement for a period of 90 days, subject to the express consent of the Sole Bookrunner.

On the Small-Cap, Giglio Group advances 6.0 percent, following up on Monday evening's 4.8 percent gain.

Seri Industrial, on the other hand, advances 5.4 percent, following the previous session's 5.7 percent green.

The board of directors of Tessellis - up 1.3% - on Tuesday approved the consolidated balance sheet and sustainability report as of December 31, 2023, which closed with a negative net result of EUR62.2 million from the negative EUR36.9 million in August-December 2022. Of note, this is the first full year for 12 months post-merger with Linkem's retail arm. Revenues and other income are EUR233.9 million compared to EUR101.7 million in August-December 2022.

Immsi--up with 0.9 percent--reported Tuesday that the board appointed Matteo Colaninno as executive chairman of the company. The board also confirmed Michele Colaninno in the role of chief executive officer.

Safilo Group -- in the green with 1.0 percent -- reported Tuesday that it closed the first quarter with revenues of EUR277.2 million, down from EUR287.2 in the same period a year earlier. In the first quarter, gross industrial profit was EUR166.2 million, down 1.0% from EUR167.8 million in the first quarter of 2023, while gross industrial margin improved 160 basis points from 58.4% to 60.0%.

On the SME segment, IDNTT advanced 5.3%. heading for the ninth bullish daily candle.

EdiliziAcrobatica--flat at EUR11.50--reported Wednesday that it closed the first quarter with revenues down slightly year-on-year, to EUR33.3 million from EUR34.6 million in the same period last year.

expert.ai instead gave up 4.2 percent, ranking for the fourth session in a row among the bearish.

In New York, the Dow closed ahead 0.1 percent, the Nasdaq gave up 0.1 percent, while the S&P 500 marked a 0.1 percent rise.

In Asia, the Hang Seng marked minus 0.9 percent, the Shanghai Composite marked minus 0.6 percent, while the Nikkei gave up 1.6 percent.

Among currencies, the euro changed hands at USD1.0738 from USD1.0778 in Tuesday's European stock close while the pound is worth USD1.2486 from USD1.2573 on Monday evening.

Among commodities, Brent crude is worth USD82.62 a barrel from USD83.47 a barrel Monday night and gold trades at USD2,317.57 an ounce from USD2,322.79 an ounce Monday night.

From the US, at 1300 CEST, the mortgage market data is due, while at 1630 CEST it will be the turn of the EIA report, crude oil stocks and Cushing inventory.

In the evening, at 1900 CEST and 1930 CEST, a speech by Fed Governors Collins and Cook is scheduled.

Among the companies in the Piazza Affari, coming up are the accounts of BPER Bank, Comer, Terna, Nexi and Prysmian, among others.

By Maurizio Carta, Alliance News reporter

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