Stock exchanges active; strength on Eni and Brunello Cucinelli

(Alliance News) - Major European stock exchanges are moving in a bullish direction Friday after a fairly cautious opening. Investors continue to assess the new corporate results that are increasingly making their way onto the calendars, and await key economic data, including U.S. PCE inflation that could give some additional cues on the Federal Reserve's path on rate cuts.

The FTSE Mib, thus, is advancing 0.3 percent to 33,855.51.

In Europe, London's FTSE 100 is up 0.6 percent, Paris' CAC 40 is advancing 0.7 percent, and Frankfurt's DAX 40 is advancing 0.1 percent.

Among the smaller listings, the Mid-Cap is giving up fractionally at 47,420.14, the Small-Cap is in the green 0.2% at 28,882.89, and Italy Growth is in the red 0.2% at 7,977.06.

On the Mib, good buying on Brunello Cucinelli, which is up 2.8% to EUR86.80 per share after two bearish sessions.

The board of Eni - in the green by 2.9% - analyzed the first-half accounts. The company closed the first half of 2024 with an adjusted operating profit of EUR6.21 billion, down 23% from EUR8.02 billion in the first six months of the previous year. Pro forma adjusted operating income was EUR8.22 billion compared to EUR10.1 billion in the first six months of 2023.

Adjusted net income was positive EUR3.1 billion, which compares with EUR4.84 billion in the first six months of 2023. Net income was positive EUR1.87 billion from EUR2.68 billion last year.

Strength also on Moncler, which advances 2.0 percent, on the heels of eve's 1.9 percent gain.

STMicroelectronics, however, is down 2.8% to EUR31.06. Of note, Goldman Sachs cut its target price to EUR36.50 from EUR42.50 per share. Deutsche Bank also downgrades the target price, raising it to EUR42.00 from EUR50.00.

Snam - in the red by 1.0 percent - announced Thursday that it had signed a binding agreement to acquire 100 percent of Edison Stoccaggio from Edison Spa for about EUR560 million.

On the Mid-Cap, Ariston Holding is giving ground by more than 10 percent to EUR3.69 per share. On Thursday it reported second-quarter net revenues of EUR621 million from EUR766 million, down 19% from Q2 2023. Adjusted Ebit for the period was EUR27 million, down 66% from EUR80 million in Q2 2023.

Tinexta, on the other hand, is giving up 5.5 percent to EUR15.54 per share, following up eve's negative balance with 1.5 percent.

Webuild -- in the green by 5.0 percent -- on Thursday reported that it closed the first half with adjusted net income of EUR82 million, more than tripling from EUR23 million in the first half of 2023. Adjusted revenues in the period were EUR5.5 billion from EUR4.6 billion as of June 30, 2023, up 20 percent.

For Sanlorenzo, however, the rise is 2.4 percent, rearing its head again after three bearish sessions.

Maire Tecnimont, on the other hand, is rallying 1.3%, after two sessions closed in the red and with new price at EUR7.83 per share.

On the Small-Cap, Fidia is giving up more than 12 percent, in its third session of significant decline.

Eems, on the other hand, is giving up 6.1 percent, after 1.7 percent green on the eve of the session.

Aedes -- in the green by 1.8 percent -- on Thursday reported a worsened first-half loss to EUR901,000 from EUR790,000 as of June 30, 2023. Revenues in the period stood at EUR7,000 from EUR47,000 in the first half of 2023.

Beghelli, meanwhile, advances 1.8 percent to EUR0.23 per share, rearing its head after five bearish sessions.

Among PMIs, ESI is advancing 5.4 percent, rebounding after four bearish sessions.

DHH, on the other hand, is advancing 3.7 percent to EUR28.00 per share, following 2.2 percent red on the eve of the session.

E-Globe, on the other hand, is giving up 5.6 percent to EUR1.18 per share, on its seventh bearish candle.

ISCC Fintech on the other hand is giving up 6.3% to EUR2.40 per share, in its fifth bearish session.

In New York overnight Europe, the Dow closed up 0.2 percent, the Nasdaq gave up 0.9 percent, and the S&P 500 closed down 0.5 percent.

Among Asian exchanges, the Hang Seng rallied 0.1 percent, the Nikkei gave up 0.5 percent, while the Shanghai Composite rallied 0.1 percent.

Among currencies, the euro changed hands at USD1.0852 against USD1.0861 on Thursday in closing European equities while the pound was worth USD1.2859 from USD1.2886 on Thursday evening.

Among commodities, Brent crude is trading at USD82.50 per barrel from USD80.36 per barrel at Thursday's close. Gold, on the other hand, trades at USD2,366.50 an ounce from USD2,421.29 an ounce last night.

On the macroeconomic calendar, from the US, eyes on PCE, with the Fed's preferred inflation measure to be released at 1430 CEST. Household confidence will be released at 1600 CEST while the day will close, at 1900 CEST, with data on drilling rigs from Baker Hughes.

By Maurizio Carta, Alliance News reporter

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