Mib in the red; Stellantis gives up double digits

(Alliance News) - Piazza Affari closed lower settling around the 33,700-point mark Tuesday, mirroring the performance of other European exchanges, with corporate quarterlies taking up more and more space on the day's calendars.

Domestically, GDP increased 0.3 percent from the previous quarter, marking an acceleration from the downwardly revised 0.1 percent growth of the previous period and exceeding market expectations of a marginal 0.1 percent expansion.

Thus, the FTSE Mib closed 1.6 percent in the red at 33,746.66, the Mid-Cap closed 0.8 percent in the red at 47,230.14, the Small-Cap gave up 0.5 percent to 28,925.79, and Italy Growth closed 0.1 percent in the red at 8,220.51.

In Europe, Paris' CAC 40 finished 1.0 percent in the red, London's FTSE 100 closed just below par, while Frankfurt's DAX 40 gave up 1.1 percent.

On the Mib, good session for BPER Banca, which closed ahead 1.5% at EUR4.89. Of note, Jefferies on Friday raised its target price to EUR6.00 from EUR5.70 with a 'buy' recommendation.

Good buys also on Banca Monte dei Paschi, which marks a plus 1.3%, after declining 0.3% on eve.

Tenaris gives up 1.4 percent. The company on Thursday reported results for the first quarter of the year, which ended with a profit of USD750 million, down from USD1.13 billion in the first quarter of 2023. Revenues rose to USD3.44 billion from USD4.14 billion in the same period.

Also among the bearers, Iveco Group--in the red by 3.2 percent--reported Monday that FPT Industrial has signed a global partnership agreement with Longen Power on exporting engines to different regions of the world, starting a new chapter of cooperation. FPT Industrial is an Iveco Group brand dedicated to the design, manufacture and sale of powertrains and solutions for on-road and off-road vehicles, as well as marine and power generation applications.

Stellantis--down more than 10 percent--reported Tuesday that it had net revenues of EUR41.7 billion in the first quarter, down 12 percent from the first quarter of 2023, when they were EUR47.2 billion, "mainly due to lower volumes and unfavorable currency exchange and mix effects, partly offset by holding prices."

Deliveries were 1.3 million units, down 10 percent, and "reflect actions on production and stock management in preparation for the arrival of new products in the second half of 2024," the company explained in the released note.

On the cadet segment, Alerion closed 4.1 percent in the red, after two sessions ended with bullish candles.

Rear-ends also for Ariston Holding, which closed down 3.2 percent tacking down after two bullish sessions.

Zignago Vetro -- down 2.5 percent -- reported Monday that net income in the first quarter of the year fell to EUR11.8 million from EUR29.7 million as of March 31, 2023. Revenues in the period stood at EUR158.3 million from EUR198.0 million, down 20 percent from 2023

Lottomatica Group closed bullish by 3.0 percent after it reported Tuesday that it closed the first quarter with revenue of EUR8.7 billion, up 20 percent from EUR7.3 billion as of March 31, 2023. Revenues in the period stood at EUR440.1 million, up 4.0% to EUR422.3 million in the previous year.

Strength also on Digital Value, which closed up 1.4 percent. It reported Tuesday that it ended fiscal year 2023 with revenues of EUR847.4 million, up 20 percent from EUR708.5 million as of Dec. 31, 2022. Profit in the period amounted to EUR38.6 million from EUR34.0 million in FY2022.

Among smallcaps, Monrif -- up 0.5 percent -- reported Monday that it reported consolidated revenues of EUR147.3 million in 2023 from EUR157.9 million in the year ended Dec. 31, 2022. Group operating loss stood at EUR1.7 million from a profit of EUR314,000.

Itway - in the green by 2.4 percent - ended 2023 with a pretax loss of EUR481,000 from one of EUR362,000 as of Dec. 31, 2022, while net loss was EUR330,000 from one of EUR348,000. Revenues for the period stood at EUR49.1 million from EUR46.7 million in 2022.

Buyers also on Emak, in the money with 3.8 percent and after the 1.7 percent green in the previous session.

Bialetti Industrie, on the other hand, gives up 0.8 percent, after the 1.6 percent red of the previous session.

Among SMEs, Askoll Eva advanced more than 20 percent. The company Tuesday appointed Luca Bolcati as the company's new chief executive officer effective immediately. The board also appointed Luca Bolcati as the company's Investor Relator.

Elsa Solutions, on the other hand, rallied 4.2 percent, rebounding after a long bearish streak.

FAE Technology rose 0.3 percent after announcing Tuesday that it closed fiscal year 2023 with pro forma consolidated revenues of EUR71.6 million and value of production of EUR74.8 million. Ebitda for the period stood at EUR7.6 million, a margin of 10.1 percent, while pro-forma full-year consolidated net income for the period stood at EUR3.6 million.

TraWell Co -- in the red by 2.5 percent -- reported that it ended 2023 with a profit of EUR3.3 million from EUR1.3 million as of Dec. 31, 2022, up 159 percent. Revenues were EUR30.3 million from EUR26.3 million, up 15 percent.

Cofle closed 3.2% in the red at EUR6.05 per share, following a flat eve session that followed three sessions closed with a bearish candle.

In New York, the Dow Jones is giving up 0.8 percent, the S&P is in the red by 0.7 percent, and the Nasdaq is giving up 0.8 percent.

Among currencies, the euro changes hands at USD1.0692 from USD1.0716 on Monday's European stock close while the pound is worth USD1.2522 from USD1.2551 on Monday evening.

Among commodities, Brent crude is worth USD86.49 a barrel from USD87.22 a barrel Monday evening and gold trades at USD2,298.92 an ounce from USD2,317.20 an ounce Monday evening.

Thursday's macroeconomic calendar - in the aftermath of the closure of European stock exchanges for Labor Day - features the national house price index at 0800 CEST, while at 0945 CEST it will be the turn of the manufacturing PMI, followed 15 minutes later by the producer price index.

The Eurozone manufacturing PMI is also expected at 1000 CEST.

From the US, at 1430 CEST will come the trade balance and unemployment claims data, while at 1600 CEST it will be the turn of the durable goods report.

At 2230 CEST, on the other hand, the Federal Reserve's weekly balance sheet will be released.

On the corporate calendar, the accounts of Clabo, Compagnia Immobiliare Azionaria, Risanamento and Ulisse Biomed are expected.

By Maurizio Carta, Alliance News reporter

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