Lists down but Stellantis stays afloat after accounts


(Alliance News) – The Mib index is traveling in a bearish trend over 27,100 Wednesday, heading for the fourth consecutive session in contraction, in line with other European exchanges.

Trading rooms are monitoring both economic data and corporate results ahead of the release of U.S. Federal Reserve minutes later in the day.

Meanwhile, while awaiting the publication of Italian data, Germany’s annual inflation was confirmed at 8.7 percent in January, up from the 8.1 percent recorded in December, increasing “bets” on further tightening by the ECB, given Germany’s weight in the Eurozone economy. In contrast, the harmonized rate remained stable at 9.2 percent.

Thus, the FTSE Mib, is in the red by 0.9 percent at 27,165.27 points.

In Europe, Paris’ CAC 40 gives up 0.8 percent, London’s FTSE 100 is red with 1 percent, and Frankfurt’s DAX 40 is in the red with 0.7 percent.

Among Italy’s smaller lists, the Mid-Cap is giving up 1.2 percent to 43,885.74, the Small-Cap is down 0.9 percent to 29,743.10, and Italy Growth is in the red 0.5 percent to 9,527.60.

On the main list in Piazza Affari, FinecoBank ranks at the tail end, giving up 2.2% after a 0.8% gain on the eve.

Recordati also slumps, retreating 2.2 percent. The company–which is proceeding with its buyback plan–reported Tuesday that it had purchased its own ordinary shares for a total value of EUR355,000.

Banca Generali retreats 1.5% to EUR32.07, in its fourth session on the bearish front.

Telecom Italia – down 1.2% Tuesday evening reported – with reference to the indicative and non-binding offer – that it had received a letter from KKR extending the deadline for that offer to March 24.

Specifically, according to the letter, the extension of the deadline is due to a request by the government to have an additional four weeks to conduct a joint analysis of the public aspects of the transaction concerning the powers that can be exercised by the government in the sector.

Both Stellantis’ revenues and net income — up 1.7 percent — posted double-digit increases in fiscal year 2022, the carmaker formed from the merger of FCA and PSA Groupe announced Wednesday. Revenues rose to EUR179.6 billion from EUR149.4 billion a year earlier or EUR152.1 billion pro-forma a year earlier. Net income rose 26 percent to EUR16.78 billion in 2022 from EUR13.22 billion a year earlier or EUR13.35 billion pro forma.

In addition, the board on Wednesday approved a share buyback program of up to EUR1.5 billion to be executed in the market for the purpose of “cancelling ordinary shares acquired through the share buyback program,” the company explains.

Also up for Saipem, which advances with 1.3 percent and on which Jefferies raised the fair value to EUR1.80 from the previous EUR14.40.

On the MidCap, Acea marks a 2.3% red, on the heels of the previous two sessions always in the bearish camp.

Not far behind Datalogic retreats 2.0% to EUR8.25 per share. On the stock, JPMorgan Asset Management raised its short position to 0.64% from 0.52%.

On a positive note, LUVE takes the lead, rising 1.1%. the shares, over the past six months, register a 43% gain.

Monte dei Paschi, on the other hand, rises 0.5 percent, after the 2.8 percent red on the eve of the day that broke a three-session bullish mini-trend.

On the SmallCap, Compagnia Immobiliare Azionaria advances 3.2%, bringing the price to EUR0.0644. The stock-which has been missing the ex-dividend since 2018-comes from three bearish sessions.

Eukedos, on the other hand, rises 2.4 percent to EUR1.27, emntre marks a live red on the weekly frame.

At the bottom, Sogefi gives up 4.1 percent to EUR1.1360, with the ressults due out on Friday.

Bioera, on the other hand, gives up 3.7 percent to EUR0.2775. The company announced a capital increase involving the issuance of a maximum of about 48.1 million ordinary shares to be offered under option to shareholders in the ratio of 15 new shares for each company share held. The price is EUR0.20 per share, for a maximum consideration of about EUR9.6 million.

Among SMEs, Giglio.Com rises 5.7 percent, reversing a bearish trend that lasted six sessions in a row.

Good buying also on Askoll Eva, which marks a plus 3.1 percent and bringing its assets since the beginning of the year to 23 percent.

Sales prevail on High Quality Food, which gives up 4.1 percent to EUR1.0600, heading for the fifth session to end on the bearish side.

In New York – on the European night – the Dow gave up 2.1 percent, the Nasdaq 2.5 percent, and the S&P 500 left 2.0 percent on the parterre.

Among Asian exchanges, the Hang Seng gave up 0.3 percent, while the Shanghai Composite contracted 0.5 percent. The Nikkei, on the other hand, gave up 1.3 percent.

Among currencies, the euro changed hands at USD1.0657 versus USD1.0663 at Tuesday’s close. By contrast, the pound is worth USD1.2109 from USD1.2116 last night.

Among commodities, Brent crude is worth USD82.60 per barrel versus USD83.02 per barrel Tuesday night. Gold, meanwhile, trades at USD1,835.37 an ounce from USD1,834.09 an ounce at Tuesday’s close.

On Wednesday’s economic calendar, Italy is expected to auction 6-month BOTs and 2-year CTZs at 1100 CET and 1130 CET, respectively.

In the US, at 1300 it is the turn of the mortgage rate report, while in the evening at 2000 CET the FOMC minutes will be released.

Among the companies listed in Piazza Affari, the results of Anima Holding, Eni, Eukedos and Pirelli are expected.

By Maurizio Carta, Alliance News reporter

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


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