MIB driven by oil and defense; buy on Eni

(Alliance News) - On Thursday, major European indices closed mixed, with Milan standing out as the only stock exchange in the Old Continent in positive territory.

After initial optimism linked to the ceasefire between the US and Iran, financial markets returned to showing nervousness, fueled by the fragility of the agreement and persistent critical issues in the region, including ongoing Israeli attacks against Lebanon and the lack of progress toward a lasting deal—elements that are encouraging a more cautious approach from investors.

In this context, Piazza Affari outperformed other European benchmarks, supported by a recovery in energy and defense stocks.

Oil remains on the rise, as operators once again price in supply risks related to the Strait of Hormuz.

Chris Beauchamp, analyst at IG, highlights that diplomatic tensions over the truce have pushed Brent and WTI back to the previous week's levels, while the market adjusts to an impact not yet fully reflected in prices. A return below USD100 per barrel could therefore prove temporary, exposing equity markets to further declines.

Meanwhile, gold is strengthening and the dollar remains weak amid disappointing US macro data.

The Federal Reserve appears divided, while a potential failure of negotiations between the US and Iran could reignite fears of a second wave of inflation.

Consequently, the FTSE MIB closed up 0.5% at 47,327.99, the Mid-Cap lost 0.3% to 56,573.55, the Small-Cap fell 0.6% to 33,759.85, while Italy Growth advanced 0.6% to 8,582.36.

London's FTSE 100 closed down 0.1%, the CAC 40 in Paris retreated 0.5%, while the DAX 40 in Frankfurt lost 1.4%.

Returning to Milan, on Piazza Affari's blue-chip index, Eni performed best, finishing at the top with a 4.0% gain at EUR24.43, with over 15 million shares traded, following a 5.6% drop the previous day.

On the "six-legged dog" stock, RBC continues coverage with a "sector perform" rating and raised the target price to EUR28.00 from EUR24.00, incorporating an earnings update based on a scenario of higher commodity prices in the medium term.

Strong buying for Leonardo, which rose 3.1% after Wednesday's 0.7% increase. The battle for Leonardo's new governance is being played out on several fronts, with appointments at the center of attention.

Among the names being considered is Lorenzo Mariani, CEO of MBDA, while Gian Piero Cutillo, managing director of Leonardo's helicopter division—considered close to Economy Minister Giancarlo Giorgetti and Defense Minister Guido Crosetto—also remains on the table.

The merger between Saipem and Subsea7, which will create the giant Saipem7 with revenues of EUR21 billion, seems to be moving swiftly toward approval. According to a Barclays report, concerns from the Brazilian antitrust authority are less rigid than expected. Saipem shares recorded a 1.6% rise.

Hera—up 1.0%—is doubling the capacity of its geothermal plant in Ferrara with a EUR50 million investment. The project, supported by the PNRR, aims to bring thermal power to 32 MW by August 2026.

Buying interest in Lottomatica, which ended in the green by 1.0% at EUR26.62, after hitting a new 52-week high of EUR26.68 during trading.

Among the decliners, DiaSorin finished unchanged at EUR60.64 per share. UBS initiated a cautious review of the stock, downgrading its recommendation to "neutral" from "buy" and cutting the target price to EUR66.00 from EUR84.00, in light of a risk/reward profile deemed less attractive in the short term, despite still solid structural fundamentals.

At the bottom of the main index was Recordati, down 2.0%.

On the Mid-Cap, Comer Industries performed well, closing up 5.3%, following buying activity the previous day.

Banca Generali—down 2.4%—announced on Thursday that it closed the month of March with net inflows of EUR725 million, more than double the EUR360 million in March 2025, recording a 101% year-on-year growth.

This figure brings the year-to-date total to EUR1.89 billion, a 28% increase compared to EUR1.48 billion in the same period of 2025, marking the best start to a year in the bank's history.

A slight decline for Webuild—down 0.2%—which announced on Wednesday that Lane, Webuild's US subsidiary, was awarded the USD582 million "Moving I-4 Forward – Project 2" contract for the design and construction of a key section of the broader Interstate-4 modernization program, helping to boost connectivity in Florida.

At the bottom of the mid-cap list, Technoprobe finished down 3.7%, following a double-digit rise on Wednesday.

On the Small-Cap, strength for Gas Plus, which gained 1.7% with EUR1.2 million in buying volume.

Among the stocks at the tail end of the basket with the highest trading value, FILA shed 0.7% while doValue dropped 1.8%.

EPH—up 1.1%—announced on Thursday that it has signed a definitive settlement agreement with Negma and Global Growth Holding Limited, aimed at the complete resolution of relationships arising from previous investment agreements.

Strength for Bastogi, which closed up 1.2% at EUR1.285. During the session, the stock touched a 52-week high of EUR1.335 per share.

Among SMEs, solid buying for ICOP, which gained 3.7% to EUR25.00 per share.

Among the most traded stocks by value, Lemon Sistemi advanced 6.5%, while among the stocks at the bottom of the alternative list, Redelfi dropped 3.8%.

FAE Technology—up 5.3%—announced on Thursday that its subsidiary Kayser Italia signed an agreement with Orbital Paradigm, a company specializing in the development of space transport solutions.

Franchetti—flat at EUR6.05—announced on Thursday the strengthening of its positioning in Brazil through the signing for the acquisition of a majority stake in the ECR group, which, according to a note, "is in continuity with the development path already started by the group in the country."

Sicily by Car—up 1.3%—announced on Thursday the start of operations, as of April 10, of its new rental office at Valencia's Manises airport, the eighth Spanish airport by traffic volume and the second in the Valencian Community after Alicante-Elche.

In New York, the Dow rose 0.1%, the Nasdaq advanced 0.3%, while the S&P 500 was in the green by 0.2%.

On the currency front, the euro changed hands at USD1.1699 from USD1.1690 on Wednesday evening, while the pound traded at USD1.3433 from USD1.3439 yesterday evening.

Among commodities, Brent traded at USD97.26 per barrel from USD94.94 per barrel yesterday evening, while gold was worth USD4,792.00 per ounce from USD4,755.50 per ounce on Wednesday evening.

Friday's macroeconomic calendar opens at 0330 CEST with inflation data from China, including the publication of the Consumer Price Index and the Producer Price Index.

At 0800 CEST, attention shifts to Germany with the Consumer Price Index, while at 1000 CEST, industrial production is expected in Italy.

At midday, at 1200 CEST, a speech by the ECB's Luis de Guindos for the Eurozone is scheduled.

In the afternoon, at 1430 CEST, the US will publish the Consumer Price Index, followed at 1600 CEST by factory orders.

The day concludes at 1900 CEST with US rig count data released by Baker Hughes.

Among Piazza Affari companies, results are expected from Destination Italia, Growens, and Indel B.

By Antonio Di Giorgio, Alliance News reporter

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