(Alliance News) - Piazza Affari continued to gain ground at mid-day on Friday as data from Istat and Eurostat showed slight increases in Italy and Eurozone unemployment rates.

In Italy, the unemployment rate rose to 7.4 percent in September from 7.3 percent in August while the youth unemployment rate fell to 21.9 percent from 22.0 percent a month earlier.

The euro area unemployment rate rose to 6.5 percent in September from 6.4 percent in August but is lower than the 6.7 percent in September 2022. In the EU-27 states, unemployment remained stable at 6.0 percent but is down from 6.1 percent in the same month a year earlier.

In Milan, the FTSE Mib rises 0.2% to 28,522.51, the Mid-Cap is up 0.5% to 39,950.72, the Small-Cap is up 1.0% to 39,950.72, and Italy Growth gains 0.1% to 7,698.31.

In Europe, London's FTSE 100 is up slightly to 7,447.01, Paris' CAC 40 is down 0.1 percent to 7,053.81 and Frankfurt's DAX 40 is up 0.2 percent to 15,176.19.

On the main list in Piazza Affari, Tenaris falls 1.2 percent after closing up 8.3 percent yesterday, driven by good results and the announcement of a new buyback of up to USD1.2 billion. In addition, the board of directors approved the payment of an interim dividend.

As for the third quarter, the group reported net income of USD547 million, down from USD608 million in the same period in 2022, with earnings per share of USD0.46 from USD0.51 in the previous year's third quarter. Net sales were USD3.24 billion, up 9 percent from USD2.98 billion in the same period of 2022.

At the top, still Nexi, up 5.3 percent, Banca Monte dei Paschi di Siena up 1.9 percent, and FinecoBank, up 2.7 percent.

Ferrari is up 1.4 percent after closing up 5.6 percent yesterday, when the Cavallino reported Thursday that it ended the third quarter with strong year-over-year indicators. Adjusted net income is EUR332 million up 46 percent from EUR228 million in the same period last year.

Net revenues for the third quarter amounted to EUR1.54 billion, up 24% from the same period a year earlier. In the third quarter, cars delivered reached 3,459 units, an increase of 271 units over the previous year, thanks to a very strong order backlog reflecting volumes, geographies and product allocation plans by quarter.

It should also be noted that RBC raised the target price of the stock to EUR344.00 from EUR335.00 with an 'outperform' rating and that Kepler Cheuvreux raised the target price to EUR320.00 from EUR310.00 with a 'hold' recommendation.

Terna, down 0.1 percent, announced on Thursday that it had signed two new agreements with as many institutional partners in the U.S., in San Francisco, to promote and enhance the Italian innovation ecosystem abroad, "supporting the development of innovative startups and SMEs in our country and facilitating their access to the U.S. market," as the company explained.

On the Mid-Cap, Saras, up 0.3 percent, reported that Urion Holdings purchased 11.6 million ordinary shares of the Moratti's company.

The shares were taken over at an average price of EUR1.25 per share, for a total value of EUR14.5 million.

Lottomatica Group drops 0.5 percent after announcing Thursday that GBO, a wholly owned subsidiary, has signed an agreement to acquire 100 percent of the share capital of SKS365 Malta Holdings Limited. SKS365 has been valued in the context of this transaction with an Enterprise Value of EUR639 million.

The transaction will be financed through a combination of available cash and additional debt, for which Lottomatica has already obtained a EUR500 million commitment in the form of a bridge debt facility.

On the Small-Cap, Giglio Group falls 1.5 percent after closing up 17 percent yesterday, when it made it known that, following the transfer of 100 percent of the shares in IBox, it has proceeded to acquire a set of e-commerce-related assets currently recorded on the balance sheet of the former subsidiary, for a total value equivalent to the amount of the sale, which is EUR5.9 million.

This transaction, therefore, will not result in any overall cash flow or financial and economic benefits, but is "strategic for the rationalization of corporate costs through the reduction of resources allocated to a foreign company that is no longer essential to Giglio Group operations," the company specified in the note.

Fidia, down 4.9 percent, informed that its board of directors reviewed and updated the business plan approved in March. As far as revenues are concerned, it expects a limited reduction in revenues for fiscal year 2023 from EUR30.1 million to EUR28.9 million, "which, however, at the level of added value implies a reduction of EUR148,000 compared to the originally planned figure," the company note says.

BasicNet - in parity - said the board of directors reviewed the results of the first nine months, during which revenues grew by 5.3 percent to EUR297.5 million from EUR282.6 million in the same period of 2022. Ebitda increased to EUR44.7 million from EUR44.1 million, a minimal change to positive 1.3 percent.

Risanamento's board of directors -- down 0.2 percent -- approved the interim report for the nine months ended September 30, which closed with a positive net result of EUR16.7 million, which compares with the figure for the same period last year corresponding to a loss of EUR21.1 million.

Among SMEs, the board of directors of Pozzi Milano -- up 2.0 percent -- on Thursday approved the signing of a contract between the company and related party Forma Italia, concerning the latter's supply of tableware products made of porcelain and other materials limited to promotional operations and/or loyalty programs.

The estimated maximum total amount is EUR3.0 million, while the contract is valid from November 2, 2023 to October 31, 2024.

At the top end, SIF Italia rises 4.8 percent, with 6,500 shares changing hands in the first half of the session.

In Asia, with Japan closed for holidays, the Hang Seng closed Friday up 2.5 percent to 17,664.12 and the Shanghai Composite gained 0.7 percent to 3,030.80.

In New York overnight Europe, the Dow rose 1.7 percent to 33,839.08, the Nasdaq closed up 1.8 percent to 13,294.19, and the S&P 500 rallied 1.9 percent to 4,317.78.

Among currencies, the euro changed hands at USD1.0643 against USD1.0615 recorded at Thursday's European equities close, while the pound was worth USD1.2222 from USD1.2176 last night.

Among commodities, Brent crude is worth USD86.76 per barrel from USD86.34 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,988.20 an ounce from USD1,982.01 an ounce last night.

On Friday's macroeconomic calendar, at 1330 CET the US unemployment rate, at 1445 CET the services PMI and fifteen minutes later the manufacturing. At 1800 CET the Baker Hughes trivelazation plants report and at 2130 CET, as usual on Fridays, The COT Report.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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