Stock markets lose momentum; up Fineco after collection

(Alliance News) - At mid-day on Thursday, the major European indexes lost momentum and moved mixed. Piazza Affari stands at parity at 38,500 points, Frankfurt leads European listings, while sales prevail in Paris and London.

Thus, the FTSE Mib is in fractional green at 38,527.66, the Mid-Cap is in fractional red at 49,984.63, the Small-Cap loses 0.3 percent to 29,552.37 while Italy Growth is down 0.4 percent to 7,754.44.

London's FTSE 100 is in the red by 1.1 percent, Paris' CAC 40 retreats 0.4 percent while Frankfurt's DAX 40 rises 0.4 percent.

On the macroeconomic front, S&P Global data released Thursday for the Italian construction sector showed a decline in construction activity to 48.2 in February from 50.9 in January. The drop came despite continued growth, albeit marginal, in new orders.

In Germany, the construction sector slowed in February, but the pace of contraction eased. In detail, the German construction PMI index fell to 41.2 in February from 42.5 in January.

Over the same period, the index for the Eurozone construction sector fell to 42.7 in February from 45.4 in January, marking the steepest decline in three months and missing market expectations of 45.4.

Returning to Milan, on the highest-capitalization list in Piazza Affari, Buzzi leads the mid-session buying, moving up 5.1 percent, after closing in double-digit green on the eve.

FinecoBank follows, in the green by 4.6 percent after it reported Thursday that net inflows in February reached EUR1.22 billion, up 45 percent from EUR845 million in the same month in 2024, bringing total inflows since the beginning of the year to EUR2.11 billion, surpassing EUR1.43 billion in the same period in 2024.

Telecom Italia did well, up 2.3 percent with more than 134 million shares traded. The board of directors yesterday approved the consolidated financial statements for the 2024 fiscal year, confirming the preliminary figures.

Leonardo is in the green by 2.3%. As Il Corriere della Sera reported Thursday, the signing of the agreement on the drone alliance between Leonardo and Turkish group Baykar is expected today.

Among the bearish, DiaSorin gives up 2.1 percent, Inwit gives up 2.8 percent, and Brunello Cucinelli is at the bottom of the main list with a mid-session loss of 3.7 percent.

On the Mid-Cap, Tinexta, ahead 4.6%, continues to lead the rises at the halfway mark, in its fourth consecutive session in the green. Of note, ActusRayPartners raised its short position on the stock to 0.74% from 0.62% previously.

Banco di Desio e della Brianza -- up 1.1 percent -- reported Wednesday that S&P Global Ratings assigned the bank a Long-term Issuer Credit Rating of "BBB-" and a Short-Term Issuer Credit Rating of "A-3."

Iren is up 0.9 percent. The Metropolitan City of Turin, through Metro Holding, is launching a reverse Abb transaction on Iren, worth up to EUR83 million, with a price per share that could reach up to EUR2.228, Il Corriere della Sera writes Thursday.

Lottomatica Group--down 1.3 percent--reported Thursday that Gamma Intermediate had completed the sale of 26 million shares in the company, representing more than 10 percent of Lottomatica's share capital, through accelerated bookbuilding aimed at institutional investors.

MAIRE--declining 1.1 percent--announced Thursday that NextChem, through its subsidiary NextChem Tech, has been awarded a three-year contract with Satorp, a joint venture between Saudi Aramco and TotalEnergies, to provide engineering and technology consulting services at the Jubail refinery sulfur recovery complex in Saudi Arabia.

At the bottom of the cadet list is still Acea, in the red by 7.9 percent. The stock has lost nearly 15 percent in the past 30 days.

On the Small-Cap, AbitareIn's stock is still suspended after a theoretical opening drop of 15 percent. Yesterday, the stock left 7.6 percent on the parterre in Wednesday's session following the company's note in which it announced that it and its legal representative and an employee were included in the registers of legal entities and individuals under investigation by the Milan Public Prosecutor's Office. The company pleaded no involvement in the alleged investigations.

Geox -- down 2.5 percent -- reported Wednesday that it closed 2024 with a loss of EUR34.3 million, up from a loss of EUR6.5 million in 2023. In contrast, the adjusted loss for 2024 amounted to EUR17.3 million.

illimity Bank - in the red by 4.5 percent - disclosed, compared with preliminary results disclosed to the market on Feb. 11, that it has become aware of new elements regarding the potential outcome of litigation affecting the valuation of a specific senior securitization note related to non-performing asset transformation transactions carried out in early 2024.

Seco - up 2.6 percent - on Thursday announced the expansion of its technology partnership with Qualcomm Technologies.

SYS-DAT - up 4.2 percent - after it announced Wednesday the acquisition of 80 percent of A & C. Holding, a Cuneo-based company specializing in services for small and medium-sized businesses.

TXT e-solutions--in the red by 0.5 percent--reported Wednesday that it had signed a binding agreement to acquire 100 percent of IT Values, a company specializing in solutions for the digitization of processes in the public administration and enterprise market.

Among SMEs, Impianti rises 7.4 percent at mid-session, with more than 100,000 shares traded.

AATech - flat at EUR0.70 - announced the finalization of the acquisition of EUR100,000 of Nominal Units of the company Brand Italia for a countervalue of EUR150,000 or 12.27 percent of the share capital.

Green Oleo - up 0.6 percent - reported on Wednesday that it recorded a value of production of EUR72.1 million in 2024, marking a 15 percent increase from EUR62.6 million in 2023.

Promotica - down 4.5 percent - reported Wednesday that its board of directors approved 2024 consolidated revenues, which stood at EUR93.5 million, marking an 11 percent increase from the EUR84.5 million recorded in 2023.

Mondo TV France's stock is suspended for excess volatility after a theoretical rise of 22 percent. The company on Thursday said it was not affected by any crisis management proceedings.

In New York on Wednesday evening, the Dow closed in the green 1.1 percent at 43,006.59, the Nasdaq finished up 1.5 percent at 18,552.73, and the S&P 500 advanced 1.1 percent to 5,842.63.

In Asia, the Nikkei closed in the green 0.8 percent to 37,704.93, the Shanghai Composite finished up 1.2 percent to 3,381.10, while the Hang Seng rose 3.3 percent to 24,369.71.

Among currencies, the euro changed hands at USD1.0786 against USD1.0769 on Wednesday's European equities close. In contrast, the pound is worth USD1.2869 from USD1.2864 last night.

Among commodities, Brent crude is worth USD69.63 per barrel from USD68.40 per barrel at Wednesday's European stock close. Gold trades at USD2,906.10 an ounce from USD2,938.31 an ounce last night.

Thursday's macroeconomic calendar includes the European Central Bank's interest rate decision in the afternoon at 1415 CET, followed at 1445 CET by the ECB press conference.

From the US, at 1430 CET, will come initial and continuing claims for unemployment benefits, as well as data on exports, imports and the trade balance.

At 1600 CET the data on wholesale inventories in the US is expected, followed at 1615 CET by the speech of ECB President Christine Lagarde.

The day will close at 2230 CET with the release of the Federal Reserve's balance sheet.

By Antonio Di Giorgio, Alliance News reporter

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