(Alliance News) - The Mib closed higher in the 34,600 area on Monday, extending last week's rally along with other European markets as investors await the European Central Bank's decision on interest rates later this week, which is expected to result in a 25 bps cut in the cost of money.
Brent crude oil prices fell Monday below USD80.00 per barrel for the first time since February after an OPEC+ meeting in which members agreed that countries could begin phasing out voluntary production cuts starting in October.
Thus, the FTSE Mib closed in the green by 0.7 percent at 34,670.06, the Mid-Cap gained 0.2 percent to 47,838.27, the Small-Cap closed in the green by 0.2 percent, while Italy Growth closed flat at 8,192.15.
In Europe, London's FTSE 100-the only bearish-closed in the red by 0.1%, Frankfurt's DAX 40 rose 0.6%, and Paris' CAC 40 closed in the green by 0.1%.
On the Mib, Telecom Italia advanced 4.1 percent to EUR0.2520. As Francesco Bonazzi writes in Alliance News, "after the green light from Brussels for the network divestment, the stock market expects that this is really the right time for Telecom Italia and today is rewarding the stock with a sharp rise. In the background, two questions always remain: the divestment of Telecom Sparkle and the profitability of the telephone operator (ServCo) after the divestment of the infrastructure (NetCo)."
Leonardo, on the other hand, picked up 2.4 percent to EUR24.14, with the stock updating its 52-week high during the session to EUR24.35 per share.
STMicroelectronics, on the other hand, closed ahead 1.4 percent at EUR38.32 per share. On the stock, it is reported that Citadel Advisors has limited its short position on STMicroelectronics to 0.58 percent from 0.6 percent previously.
UniCredit closed green by 1.2 percent after announcing Monday that it will exercise an early redemption option on two bonds issued in 2019. In detail, the bank will prepay the EUR1.25 billion fixed-rate bond maturing in June 2025 and the EUR750.0 million bond maturing in July 2025. Both redemptions will take place at par, with the first to be executed on June 25 this year and the second to take place on July 3.
In the cadet segment, OVS led up 5.1 percent, with new price at EUR2.86 per share.
GVS advanced 4.7 percent, after being 0.6 percent green on Friday night.
LU-VE, on the other hand, gave up 3.4%, veering downward after two sessions closed among the bullish.
Anima Holding - in the red by 0.6 percent - announced Monday that between May 27 and 31 it bought back 580,700 of its own ordinary shares at an average price of EUR4.8306 each and a countervalue of EUR2.8 million.
Banca Ifis - in the red by 0.7 percent - announced that Katia Mariotti, current head of the Npl division, has completed the three-year business plan of the same division, and will undertake a new professional assignment at AMCO - Asset Management Company as of August 3.
On the Small-Cap segment, Alkemy closed up more than 19 percent. Retex announced Monday that it has launched a tender offer for Alkemy shares. The offer is EUR12.00 for all 5.7 million ordinary shares of the company and is aimed at delisting Alkemy. Duccio Vitali, managing director of Alkemy, will join the offer with his 625,616 shares, representing 11 percent of Alkemy's share capital.
The value offered by Alkemy represents a premium of 21 percent over the closing on Friday, May 31, and 16 percent over the average of the last 12 months, 9.7 percent over the average of the last six months, and 22 percent over the average of the last quarter. If the takeover bid is fully subscribed, Retex will shell out a total of EUR68.2 million.
Class Editori, on the other hand, rallied 8.9 percent, following Friday night's 1.0 percent loss.
Sogefi rose 2.4% after announcing Friday that it had finalized the sale of its Filtration division to U.S. investment fund Pacific Avenue Capital Partners. The cash consideration received by Sogefi, in line with the February 23 announcement, was EUR331.2 million, determined based on an enterprise value of EUR374 million and adjustments that take into account estimated net working capital and net financial position as of May 31, 2024.
Softlab's board of directors -- in the red by 3.0 percent -- approved the draft consolidated financial statements as of Dec. 31, 2023, closing with a loss of EUR400,000 compared to a profit of EUR3.2 million in the year 2022.
Cellularline closed in the red by 1.9 percent. The company announced Friday that Worldconnect's minority shareholders, Samuel Gerber and CAE Invest, each exercised their put option to sell Cellularline 10 percent of Worldconnect's share capital. Cellularline thus comes to hold a 90% controlling stake in Worldconnect.
Among the SMEs, IMD International Medical Devices advanced 3.5 percent. The company announced Friday that it had signed an agreement to acquire a 30 percent stake in General Medical Italia with partner UK Medical Imaging. The total price for the 30% purchase was set at EUR300,000, to be paid in cash in full on the closing date.
High Quality Food, on the other hand, rallied 5.7 percent, rebounding after three sessions closed with a bearish candle.
Gentili Mosconi gave up 4.9 percent. The company made it known Friday that revenues were EUR11.6 million in the first quarter, compared to EUR13 million in the same period of fiscal 2023. "The decline in revenues of approximately 11 percent is mainly attributable to the performance of the apparel fabrics business line, which, also in the first months of the fiscal year, was impacted by the continued slowdown in the luxury market," the note said.
In New York, the Dow is giving up 0.7 percent, the Nasdaq is advancing 0.4 percent, and the S&P 500 is marking minus 0.2 percent.
Among currencies, the euro changes hands at USD1.0886 from USD1.0845 on Friday in closing European equities while the pound is worth USD1.2788 from USD1.2724 on Friday evening.
Among commodities, Brent crude is trading at USD78.43 per barrel from USD81.66 per barrel on Friday. Gold, on the other hand, trades at USD2,341.10 an ounce from USD2,329.79 an ounce on Friday night.
Tuesday's macroeconomic calendar has Germany's unemployment rate at 0955 CEST.
From the US, at 1600 CEST, comes the Durable Goods and New Jobs Jolts data, while at 2230 CEST it is the turn of weekly oil inventories.
Among companies listed on the Stock Exchange, no special events are scheduled.
By Maurizio Carta, Alliance News reporter
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