Mib up to 28,600; banks climb 37 percent in 2023

(Alliance News) - The Mib travels in positive territory Monday, moving up to the 29,600 level Monday, a new high since 2008, led by rises in the banking sector. The European Banking Authority's 2023 stress test concluded that European banks "remain resilient in an adverse scenario combining a severe European and global recession, rising interest rates and higher credit spreads."

Among domestic economic data, consumer prices in Italy rose at a slower pace in July on a year-over-year basis, Istat reported Monday. Inflation slowed to 6.0 percent in July from 6.4 percent in June while the market had expected a less marked slowdown to 6.1 percent.

Italy's economy, on the other hand, grew less than expected on an annual basis in the second quarter and declined more than expected on a quarterly basis. Italy's Gross Domestic Product fell 0.3 percent in the second quarter on a quarterly basis after increasing 0.6 percent in the first quarter. The market had expected a flat figure.

Thus, the FTSE Mib is picking up 0.4 percent to 29,628.79.

In Europe, London's FTSE 100 is giving up 0.2 percent, Paris' CAC 40 is just below par, and Frankfurt's DAX is posting minus 0.1 percent.

The Mid-Cap is just above par at 42,802.69, the Small-Cap is up 0.3 percent at 27,136.18, and Italy Growth is in the green by 0.2 percent at 9,100.77.

On the highest-capitalization list in Piazza Affari, a good session is confirmed for the banking sector, which has been moving well since the bell rang and with the sector index marking a plus 0.9%, bringing its assets since the beginning of the year over 37%.

Banca Monte dei Paschi advances 1.5 percent to EUR2.63 per share after 0.3 percent assets on the eve of the day.

Banco BPM, on the other hand, scores 1.9 percent, momentarily leading the list, bringing the price to EUR4.57 per share after a slight red on Friday evening.

BPER Banca advances 1.2%, setting the price at EUR3.17, on the heels of Friday's green close of plus 0.4%.

Eni also advances well, with the six-legged dog's stock moving ahead 1.4% after Friday's 0.5% setback.

Negative notes include Pirelli, which gives up 0.8% after two bullish sessions. Last week the board approved results for June 30, which closed with a profit of EUR242.6 million, up 4.1 percent from EUR233.0 million in the corresponding 2022 period.

Backwardation also for Saipem, which posted minus 2.2%. On the stock, Marshall Wace raised its short position to 0.85% from 0.71% previously.

On the cadet segment, Piaggio did well, taking the top spot with a plus 4.7 percent, following Friday's 2.4 percent decline at the close. The Vespa company last week reported that it closed the first half with revenues of EUR1.17 billion, the highest ever for the period, up 11 percent from EUR1.05 billion in the same period a year earlier.

High quarters also for De Longhi, which advances with a plus 3.0 percent with new price at EUR22.82.

Cementir Holding, on the other hand, marks a plus 2.4%, with the stock aiming for its fifth bullish session by bringing the price bar to the EUR8.57 area.

At the back of the pack is Sesa, which is giving up 2.2 percent after four bearish sessions and closing out the midcap segment.

On the SmallCap, Bastogi takes the top spot on the list, with a plus 5.8 percent following up on Friday night's 6.2 percent.

D'Amico, on the other hand, advances 3.7 percent after closing a good half-year with a net profit of USD99.8 million from USD19.2 million in the same period last year. The board of directors proposed the distribution of a dividend of USD0.0153 per share.

TXT e-solutions, on the other hand, is picking up 3.1 percent, with price at EUR21.80.

Biesse, on the other hand, is giving up 3.2 percent, with new price at EUR11.70 per share. The company reported Friday that it ended the first half of the year with revenues almost stable year-on-year, at EUR418.2 million from EUR419.1 million in the same period last year. Profit on a half-year basis was also nearly stable, rising to EUR19.5 million from EUR19.4 million in the first six months of the year and rising to EUR7.2 million from EUR9.6 million in the second quarter. Sales for the second quarter alone, however, show a figure of EUR208.7 million, down from EUR222.5 million in the second quarter a year earlier.

Among SMEs, Askoll Eva advances with 6.2 percent by setting the new price at EUR0.55 per share.

Esautomotion, on the other hand, gathers 4.8 percent after good half-year numbers released Friday night. Revenues were EUR19.2 million, up 17% from the same period last year.

Cofle, on the other hand, marks a plus 4.1%. The company reported Friday that first-half revenues rose to EUR32.2 million from EUR27.5 million in the same period last year.

At the tail end, Fope gave up 4.1 percent after two bullish sessions.

G Rent, on the other hand, gave up 3.4 percent and trades at EUR0.85. Earlier in the day, the shares hit a 52-week low of EUR0.83 per share.

In New York on Friday evening, the Dow Jones closed in the green by 0.5 percent, the S&P rose 1.0 percent, and the Nasdaq picked up 1.9 percent.

Among Asian exchanges, the Nikkei advanced 1.3 percent, the Hang Seng picked up 0.8 percent, and the Shanghai Composite rallied 0.5 percent.

Among currencies, the euro changed hands at USD1.1030 against USD1.1033 in Friday's European equities close while the pound was instead worth USD1.2859 from USD1.2864 on Friday evening.

Among commodities, Brent crude is worth USD84.75 per barrel versus USD84.55 per barrel at Friday's close. Gold, meanwhile, trades at USD1,955.27 an ounce from USD1,962.19 an ounce on Thursday evening.

On Monday's macroeconomic calendar, from the U.S., at 1730 CEST, auction of Treasury bonds with 3- and 6-month maturities.

On the corporate calendar, among several expected results are those of CIR, Convergenze, Culti, Eles, Gabetti , Nexi, RCS, and Saras.

By Maurizio Carta, Alliance News senior reporter

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