Mib Rises for Third Consecutive Session; Tenaris Takes the Lead

(Alliance News) - The Mib index is advancing just below the 40,300 mark on Wednesday--after reaching a high above 40,400--extending its upward trend for the third consecutive session. The market remains focused on developments in trade negotiations between the EU and the US.

Market sources report that European authorities have urged the leadership of the bloc's major corporations to promptly provide a detailed overview of their investment plans in the US, as Brussels prepares to intensify its dialogue with Washington. The initiative follows the Trump administration's decision to postpone the imposition of tariffs on certain categories of European imports, fostering a climate of cautious optimism among investors.

This positive tone reflects both a more relaxed geopolitical sentiment and a sector rotation toward assets with greater international exposure, as the market awaits concrete progress on transatlantic issues.

Thus, the FTSE Mib is up 0.4% at 40,296.56, the Mid-Cap is down 0.1% at 54,938.21, the Small-Cap is gaining 0.3% at 32,013.16, while Italy Growth is up 0.1% at 8,017.10.

London's FTSE 100 is marginally in the red, Paris' CAC 40 is down 0.1%, while Frankfurt's DAX 40 is off 0.2%.

On the Mib, Tenaris is seeing strong buying, up 4.6% at EUR15.02 per share. The company announced that its board has approved the launch of a USD1.2 billion buyback plan. Based on Tuesday's closing price in Milan, the shares eligible for purchase represent 6.9% of the company's outstanding shares. Shares repurchased under the plan will subsequently be cancelled.

Banco BPM is up 2.6%. Moody's has upgraded the outlook on the bank's long-term deposit rating to Positive from Stable, while also confirming the Baseline Credit Assessment at 'baa3'--already at the country's rating level.

Leonardo is also advancing, up 1.9% at EUR55.42, having reached a new annual high of EUR55.88 per share during trading.

Among the decliners, Nexi is down 1.6% after two sessions that closed with bullish candles.

STMicroelectronics is down 1.1%. During the shareholders' meeting, the Italian Treasury will vote against two proposals supported by France: the discharge for CEO Jean-Marc Chery and CFO Lorenzo Grandi, both involved in a US class action, and the confirmation of two independent directors who had opposed the appointment of Italian Marcello Sala. There are no objections, however, to the appointment of Werner Lieberherr. The situation highlights the deadlock between Rome and Paris, with Minister Giorgetti determined to replace STM's leadership, starting with Chery.

On the Mid-Cap segment, Ariston Holding is advancing 2.6%, marking its fourth consecutive bullish session.

Cembre is up 1.3%, following a 1.7% gain in the previous session.

Ferretti, meanwhile, is down 2.1%, after a 0.7% drop in the previous session.

Acea--down 0.2%--announced Wednesday that Moody's has upgraded its outlook to Positive from Stable. At the same time, the agency confirmed the company's long-term issuer rating and senior unsecured ratings at Baa2, the Baseline Credit Assessment at Baa2, and the provisional (P)Baa2 rating on the EUR5 billion EMTN program.

On the Small-Cap, Eems is surging more than 12%, marking its third session of strong buying. The company announced that, on May 22, it completed the partial subscription of the second tranche of the convertible bond reserved for Global Capital Investment International Ltd, for a total value of EUR60,000. The issuance is part of the agreement approved by the board on May 7, which partially amended the resolution of December 10, 2024.

Altea Green Power is up 8.1%, marking its fifth consecutive bullish session and hitting a new annual high at EUR8.45 per share.

Zucchi is up 4.1%, rebounding after two sessions in which it lost about 7%.

Tessellis--down 7.6%--announced it closed 2024 with a loss of EUR57.9 million, compared to a loss of EUR62.2 million as of December 31, 2023. In the fiscal year, revenues and other income totaled EUR219.8 million, down from EUR233.9 million in 2023. EBITDA as of December 31 stood at EUR26 million, compared to EUR34.7 million in 2023, while operating result was negative by EUR48.1 million, improving from a EUR54.7 million loss in the previous year.

Among SMEs, ATON Green Storage is up more than 10%, following a 5% gain in the previous session.

Compagnia dei Caraibi is up over 13%, adding to a 15% gain the previous day. The company has signed two settlement agreements with the sellers of Elephant Gin, following the initiation of insolvency proceedings for the company. The agreements provide for a payment of EUR1.5 million versus initial claims exceeding EUR7.9 million. The deal allows subsidiary Refined Brands to achieve an economic benefit of about EUR1.8 million thanks to the release of a risk provision.

Siav--down 4.1%--announced Tuesday that it has completed the sale of its 51% stake in Mitric Srl, held through its subsidiary Mitric, to Archiva, a company controlled by the Progressio Investimenti IV fund. The closing took place in exchange for a payment of EUR1.1 million by Archiva Group, paid in full in cash. Following the completion of the transaction, Siav no longer holds any stake in Mitric Srl and fully controls Mitric, a Swiss holding company, which is undergoing voluntary liquidation by management.

In Asia, the Nikkei closed fractionally lower, as did the Shanghai Composite, while the Hang Seng slipped 0.5%.

In New York, at Tuesday's close, the Dow rose 1.8% to 42,343.65, the Nasdaq climbed 2.5% to 19,199.16, and the S&P gained 2.1% to 5,921.54.

In currencies, the euro is trading at USD1.1335 from USD1.1337 on Tuesday evening, while the pound is trading around USD1.3514 from USD1.3517 the previous evening.

Among commodities, Brent crude is trading at USD64.47 per barrel from USD63.66 per barrel on Tuesday evening, while gold is valued at USD3,324.11 an ounce from USD3,295.83 an ounce the previous evening.

Wednesday's macroeconomic calendar includes, at 1300 CEST from the US, the release of the mortgage market report, while at 2000 CEST, the FOMC minutes will be published. At 2230 CEST, the weekly oil inventory report will conclude the day.

By Maurizio Carta, Alliance News reporter

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