Intraday reversal leaves MIB in the red; Amplifon finds buyers

(Alliance News) - Major European equity markets displayed mixed performance on Thursday, with price action characterized by sector rotations amid risk sentiment still heavily influenced by Middle Eastern geopolitical factors.

Market participants remain focused on a potential two-week extension of the ceasefire between the US and Iran, aimed at providing further room for negotiation. However, structural friction persists regarding the suspension of maritime transit in the Strait of Hormuz, with the maintenance of a US naval blockade continuing to support an energy risk premium, albeit one that is currently moderating.

In this context, the retracement of crude oil prices from recent highs helped dampen inflation expectations, triggering a revision of monetary policy outlooks in the Eurozone. Indeed, the market recalibrated its ECB pricing, shifting from a trajectory that incorporated three 25-basis-point hikes this year to a more restrained configuration of approximately two expected interventions.

Overall, the MIB initially showed constructive dynamics, pushing past the 48,400 threshold - reaching multi-year highs - before experiencing a progressive intraday deterioration and a subsequent slide into negative territory driven by profit-taking.

Consequently, the FTSE MIB closed down 0.3% at 48,026.94, the Mid-Cap ended 0.5% higher at 57,713.84, the Small-Cap rose 1.0% to 34,883.35, while Italy Growth gained 0.4% to 8,743.95.

London's FTSE 100 closed up 0.3%, the DAX 40 gained 0.4%, while the CAC 40 in Paris shed 0.1%.

On the MIB, strength was seen in Amplifon, which secured a 5.7% gain, marking its third consecutive positive session.

The shareholders' meeting of Banco BPM - up 0.5% - elected its new board on Thursday in a meeting attended by shareholders representing over 72% of the share capital. The board's slate received approximately 59% of the votes in favor, while the list presented by Credit Agricole garnered 31% and Assogestioni took 8.0%. Consequently, the outgoing board secured ten seats, Credit Agricole four, and the asset managers' list one.

Fincantieri - down 0.8% - remains in the analyst spotlight following the first US Navy order for the LSM program and a new contract with Princess Cruises for three cruise ships, with overall constructive assessments of its growth profile and order visibility. Akros confirmed its "buy" recommendation, noting that the start of the four LSM vessels represents a concrete first step confirming the group's involvement in the broader 35-unit program.

According to analysts, "a contract for the construction of four ships will likely be announced in the coming months," particularly given the approximately USD1.8 billion budget included in the FY2025 reconciliation act for the procurement of these platforms.

Stellantis - down 1.2% - and Microsoft Corp announced a five-year strategic collaboration on Thursday aimed at accelerating Stellantis' digital transformation through the co-development of advanced capabilities in artificial intelligence, cybersecurity, and engineering. The agreement involves the joint development of over 100 AI-based initiatives, ranging from commercial activities and customer care to industrial processes. Applications include product development, advanced validation and testing, as well as predictive maintenance solutions and accelerated digital service releases.

Nexi fell 2.6% to EUR3.57 per share. JPMorgan confirmed its "neutral" rating on the stock, reducing the target price to EUR3.85 from EUR4.30, following an earnings update incorporating more moderate growth and a more complex operating environment. In the report by Craig A. McDowell, the analyst emphasized that "Nexi shares remain in transition from a growth story to a more stable dividend-oriented story," with an expected yield of around 10% in 2026.

In the mid-cap segment, Sesa showed strength, gaining 5.3% in its fifth consecutive bullish session.

Mondadori ended in the green, up 0.7% at EUR2.10 per share. The group announced that, following the submission of its offer and discussions with the liquidator, a contract was signed for the acquisition of the school publishing business unit of Hoepli Spa. The transaction is expected to close within the first half of the current fiscal year, subject to the fulfillment of specific conditions precedent.

Pirelli finished the session up 1.9% at EUR6.03 per share. Notably, BofA cut its target price on the stock to EUR7.50 from EUR8.10.

Banca Generali - flat at EUR55.35 - announced on Thursday that its shareholders' meeting, convened to approve the financial statements as of December 31, 2025, adopted several other significant resolutions. Specifically, the assembly approved the 2026 remuneration policy, the increase of the variable-to-fixed pay ratio to 2:1 for certain key figures, and the new "LTI Plan 2026" long-term incentive plan, alongside a share-based plan for management to strengthen alignment with shareholders.

On the Small-Cap index, doValue closed up 7.3%, marking its third positive session.

Softlab gained 6.3% to EUR1.18, also recording its third bullish close.

Triboo - up 3.4% - announced on Wednesday that it closed 2025 with a loss of EUR2.3 million, an improvement over the EUR11.2 million loss in 2024. Revenue stood at EUR52.6 million, down 19% from EUR64.9 million the previous year, primarily reflecting the conclusion of certain e-commerce partnerships and the downsizing of its operating perimeter, in line with the 2025-2030 Business Plan.

SIT shed 0.7% to EUR2.75 per share. Intesa Sanpaolo confirmed its "buy" recommendation on SIT with a target price of EUR3.10, following 2025 results that analysts deemed in line with expectations for revenue and financial position, but superior in terms of operating profitability. Specifically, SIT closed the year with revenue of EUR319.1 million, up 6.5% from EUR299.5 million in 2024 and largely aligned with estimates of EUR319.8 million. Fourth-quarter revenue reached EUR81.1 million, up 5.7% but slightly below the expected EUR81.8 million.

Sabaf - among several stocks in the red - closed down 3.4%, following a 1.8% decline on Wednesday evening.

Among SMEs, Ena gained 7.7% to EUR0.77 per share, following a 0.7% rise in the previous session.

SosTravel.com - up 4.3% - announced on Wednesday that it signed a commercial agreement with tour operator Itaka Hungary for the marketing of the new "AmareClub Acqua di Mare Hotel & Resort," a four-star village located in northern Sardinia.

Ecomembrane - up 2.9% - announced on Thursday that its subsidiary SBS Solar Srl entered into a contract with Photovoltaicum Srl, a renewable energy investment vehicle, for the construction of a PV plant valued at EUR4.8 million. The amount was revised upward from the EUR4.5 million initially announced last September.

Svas Biosana - flat at EUR9.00 - announced its 2025 results on Wednesday, closing the year with a profit of EUR6.8 million, up 15% from EUR5.9 million as of December 31, 2024. The board will propose a dividend of EUR0.20 per share, down from EUR0.25 last year.

In New York, the Dow Jones is up 0.1%, the Nasdaq has gained 0.3%, while the S&P 500 is trading 0.2% higher.

On the currency front, the euro is trading at USD1.1776 from USD1.1806 on Wednesday evening, while the pound is at USD1.3531 from USD1.3578 yesterday.

Among commodities, Brent crude is trading at USD98.30 per barrel from USD95.46 yesterday evening, while gold is valued at USD4,803.20 per ounce from USD4,797.41 yesterday.

Friday's macroeconomic calendar includes Italy's trade balance data at 1000 CEST.

From the US, the Fed's Daly will deliver a speech at 1730 CEST, followed by Barkin at 1815 CEST and Waller at 2000 CEST.

On the corporate side, results are expected from Beewize, Class Editori, and Seri Industrial.

By Maurizio Carta, Alliance News reporter

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