Bullish stock markets; Iveco and Azimut lead the way

(Alliance News) - European indices opened Friday's session higher, posting a modest rebound after two consecutive days of correction. Despite the recovery, operators remain cautious, looking for new drivers.

The spotlight remains on the US fiscal situation, which is still characterised by uncertainty, a factor that continues to destabilise global markets and put upward pressure on bond yields.

On the geopolitical and trade front, encouraging signs are coming from the dialogue between the US and China. A phone call between senior officials from both sides took place on Thursday, signaling that channels of communication remain open and constructive. A meeting between the EU and the US is also expected today, with the focus again on transatlantic trade relations.

On the macro front, Germany has revised its first-quarter GDP growth upward to 0.4%, from the 0.2% initially estimated. The figure is supported by a solid performance in the manufacturing sector and a surge in exports in March.

As a result, the FTSE Mib is up 0.1% at 40,277.94 points.

Among the smaller indices, last night, the Mid-Cap rose 0.6% to 54,545.68, the Small-Cap rose 0.5% to 31,480.33, while the Italy Growth rose 0.4% to 8,033.32.

The FTSE 100 in London is up 0.3%, the DAX 40 in Frankfurt is up 0.5%, while the CAC 40 in Paris is up 0.2%.

On the Mib, Iveco is up 4.8% to EUR17.46 per share. It should be noted that the stock has updated its 52-week high to EUR17.50 per share.

Azimut rose 4.3%, after falling 1.5% in the previous session, with a price of EUR 27.08 per share. The company announced on Thursday that it had signed a binding agreement with FSI SGR Spa to create TNB, a new generation, digitally native bank specialising in wealth management. At the same time, Azimut updated its 2025 net profit target to approximately EUR 1 billion, subject to TNB's operating authorisation, confirming its annual net inflow target of EUR 10 billion.

Enel - down 0.2% - announced that it had approved a EUR3.5 billion share buyback program to repurchase up to 4.9% of its share capital. The transaction involves the payment of a remuneration to shareholders, in addition to the distribution of dividends.

UniCredit - slightly below par - confirmed on Friday that Consob has suspended the public exchange offer on Banco BPM for 30 days, until July 23, to allow investors to make an informed assessment in light of the Golden Power exercised by the government. "The suspension of the offer, as decided by Consob, is in the interests of the market and shareholders, providing the necessary time to obtain clear and adequate information," the bank said.

The banking group said it was in talks with the authorities to clarify requirements and compliant paths and would file an appeal with the Lazio Regional Administrative Court, supporting the review at EU level as well.

On the secondary market, WIIT is up 3.7%, after losing 2.2% in the previous session.

Cementir Holding is up 2.8%, after three sessions closed lower.

Webuild is up 2.1%, after yesterday's 1.8% decline.

Salvatore Ferragamo is up 0.7%. Barclays has lowered its target price for the stock from EUR 5.70 to EUR 5.40.

Caltagirone is down 0.5%. It should be noted that the stock has increased its market cap by over 40% on an annual basis.

In the small cap segment, Itway is up 7.0%, aiming for a third bullish session.

I Grandi Viaggi is up 3.9% to EUR 1.84, with the stock updating its 52-week high to EUR 1.86 per share.

Caleffi is up 3.1%, following a 2.0% decline the previous day.

Landi Renzo lagged behind, falling 5.3%, after five sessions of bullish candlesticks.

Among SMEs, Ambromobiliare advanced 6.8%, recovering after a string of declines.

Haiki+ advanced 3.1%, following on from last night's 0.4% gain, with a price of EUR0.53. The stock, based on the average of two analysts on the MarketScreener platform, has a target price of EUR1.03, making it almost 100% undervalued.

Laboratorio Farmaceutico Erfo, down 3.9%, reported that it closed the first quarter with revenues of EUR 2.5 million, up 64% compared to the same period last year.

Mevim - down 8.3% - announced that on Thursday evening, the board approved the consolidated financial statements for the year ended December 31, closing with a net loss of EUR 1.86 million compared to a loss of EUR 1.9 million in the previous year. Revenues from sales and services amounted to EUR 5.6 million compared to EUR 4.1 million in 2023.

In New York, the Dow closed just below par last night, as did the S&P 500, while the Nasdaq ended the session up 0.3%.

Among Asian markets, the Hang Seng is down 0.1%, the Shanghai Composite closed down 0.9%, while the Nikkei closed up 0.5%.

Among currencies, the euro is trading at USD 1.1322 from USD 1.1284 on Thursday evening, while the pound is trading at USD 1.3425 from USD 1.3441 yesterday evening.

Among commodities, Brent crude is trading at USD 64.02 per barrel from USD 65.07 per barrel last night, while gold is trading at USD 3,328.07 from USD 3,290.54 per ounce last night.

Friday's macroeconomic calendar includes a speech by Philip Lane, member of the European Central Bank's Executive Board, at 10:30 a.m. CEST.

In the afternoon, at 2:30 p.m. CEST, data on building permits and construction starts are expected from the US, followed at 4:00 p.m. CEST by new home sales.

At 6:00 p.m. CEST, speeches by Fed Chair Cook and ECB member Schnabel are scheduled.

At the end of the day, at 7:00 p.m. CEST, Baker Hughes is expected to release its weekly update on active drilling rigs in the US.

Among companies listed on the Italian stock exchange, Finance For Food, Neosperience, Officina Stellare, TraWell Co, and TrenDevice are expected to report their results.

By Maurizio Carta, Alliance News reporter

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