(Alliance News) - On Monday, the MIB closed the first session of the week with a fractional gain above the 47,600-point mark, as the Italian equity market moves through a phase of tactical positioning, awaiting clearer catalysts on both the geopolitical and central bank fronts.
On the macro-geopolitical front, sentiment remained anchored to dynamics in the Middle East, with particular attention paid to rumors regarding a new Iranian proposal to the US for the reopening of the Strait of Hormuz and a possible de-escalation of the conflict, contingent upon a postponement of nuclear negotiations.
In parallel, traders' focus gradually shifted toward the monetary policy calendar, with Thursday's ECB meeting expected to maintain an unchanged and cautious approach. Consensus prices in a rate hold, consistent with a 'wait-and-see' stance in response to a still heterogeneous macro mix and unstabilized geopolitical variables.
Market pricing, however, continues to incorporate a path of gradual normalization in the medium term, with expectations of further expansionary measures in 2026, subject to the evolution of the disinflationary cycle and growth.
In this context, the MIB closed flat but with a slight bullish tilt at 47,673.91 points, the Mid-Cap rose 0.2% to 57,826.95, the Small-Cap advanced 0.1% to 35,002.80, and Italy Growth climbed 0.3% to 8,841.07 points.
Among other bourses, the CAC 40 shed 0.1%, the DAX 40 lost 0.2%, while the FTSE 100 recorded a decline of 0.6%.
On Piazza Affari, Avio shed 4.5%, marking its fifth consecutive session with a bearish candle. Notably, Walleye Capital raised its short position on the stock to 1.18% from the previous 1.0%.
STMicroelectronics fell 2.3% to EUR42.36 per share. Berenberg confirmed its 'buy' recommendation on the stock and raised its price target to EUR53.00 from EUR29.00, reflecting a more constructive view of the group's growth profile in light of cyclical improvement and emerging structural drivers.
BPER Banca closed up 1.9% at EUR12.19. Of note, Barclays raised its price target on the stock to EUR14.30 from EUR14.00 with an 'overweight' rating.
Saipem closed with a bullish candle of 4.3% at EUR4.52 per share, taking the crown as the best-performing blue chip. RBC confirmed its 'sector perform' recommendation on the stock and raised its price target to EUR5.00 from EUR4.40, reflecting improved operating profitability and solid cash generation, despite a still uncertain macro environment linked to Middle East tensions.
RBC forecasts Saipem's revenue to grow from EUR15.50 billion in 2025 to EUR15.91 billion in 2026 and up to EUR16.13 billion in 2027, with Ebitda expected to rise from EUR1.72 billion to EUR1.95 billion and then to EUR2.06 billion, while earnings per share are seen increasing from EUR0.16 to EUR0.19 and EUR0.21, against an EV/Ebitda multiple progressively reducing to approximately 4.2 times by 2028.
Buzzi - in the green by 0.6% - announced on Monday that it purchased, between April 20 and 24, a total of 43,074 treasury shares at an average price of EUR47.7476 for a total value of EUR2.1 million.
Intesa Sanpaolo - up 0.2% - announced on Monday that Eurizon Capital SGR has expanded its ETF offering to include bond funds, 'designed for the asset allocation needs of investors'. The full offering includes 33 sub-funds - 16 equity and 17 bond - which currently manage volumes exceeding EUR19 billion.
In the mid-cap segment, strength was seen in BFF Bank, which pushed its price up 3.8% to EUR2.16 per share. On the stock, D.E. Shaw & Co, Marshall Wace, Two Sigma Investments, and Walleye Capital all increased their short positions.
Alerion Clean Power - up 2.8% - announced Friday evening that its subsidiary Alerion Servizi Tecnici e Sviluppo Srl finalized the acquisition of 100% of the share capital of Sirio Rinnovabili Srl from BayWa r.e. Italia Srl. The latter holds the rights for the construction of the 'Vallelunga' onshore wind project, located in Sicily in the municipalities of Vallelunga Pratameno, Sclafani Bagni, and Valledolmo.
Webuild - up 1.8% - announced on Monday that it has undertaken an assessment regarding the issuance of senior unsecured fixed-rate bonds. The potential new bonds will primarily serve to refinance debt and for the company's repurchase of the 'EUR250,000,000 3.625% Notes due 28 January 2027', with a total value of EUR250 million.
The transaction, expected to be executed by the end of May, the company explained in a note, would accelerate 'the process of optimizing the Webuild group's debt maturities, extending its average life and reducing financial requirements until 2027'.
CIR - down 0.4% - appointed its new board of directors on Monday, confirming Rodolfo De Benedetti as chairman and Monica Mondardini as CEO, with the entry of Marta Marsilio as an independent director. The assembly also authorized the board to purchase treasury shares for a period of 18 months, up to a maximum of 125 million shares.
On the Small-Cap index, Sogefi brought home a gain of 8.0%, following a 4.0% contraction on Friday evening.
Digital Bros - up 6.0% at EUR10.06 per share - announced on Monday that it acquired the intellectual property of the video game Wuchang: Fallen Feathers from the Chinese studio Chengdu Lingze Technology for CNY32 million, approximately EUR4 million. The transaction will be financed through existing credit lines.
Dexelance - up 0.7% - announced on Monday that the board of directors - after the shareholders' meeting appointed Andrea Sasso as chairman of the board - proceeded to appoint him to the role of Managing Director, Chief Executive Officer, and director in charge of the company's internal control and risk management system. Furthermore, Giorgio Gobbi was appointed Managing Director of the company, while the vice chairman of the board is Giovanni Tamburi.
OPS Italia shed 4.1%, marking its fourth session ending with a bearish candle.
Among SMEs, Ecomembrane advanced 3.8% to EUR5.45 per share, following a 5.4% drop in the previous session.
The board of Convergenze - untraded with a last price of EUR1.70 - approved management data as of March 31 on Friday, showing revenues of EUR6.8 million, nearly in line with the EUR6.9 million recorded in the first quarter of 2025.
During the period, the group continued its infrastructural development, exceeding 13,100 kilometers of fiber laid, an increase of 9.5% compared to over 12,000 kilometers in the same period of the previous year.
Racing Force - flat at EUR4.88 - announced on Monday that Racing Spirit, the group's premium technical apparel brand, inaugurated a new shop-in-shop in Porto Cervo Marina, adjacent to the Yacht Club Costa Smeralda, in Piazza Azzurra.
Rino Petino - untraded at EUR1.85 - announced on Monday that the extraordinary shareholders' meeting approved granting the board of directors a new mandate to increase the share capital for consideration for a maximum amount of EUR5.0 million, including any share premium, exercisable within five years and thus until April 27, 2031.
In New York, the Dow is shedding 0.3% as is the Nasdaq, while the S&P 500 is down 0.2%.
On the currency front, the euro is changing hands at USD1.1734 from USD1.1707 on Friday evening, while the pound trades at USD1.3550 from USD1.3503 on Friday evening.
Among commodities, Brent trades at USD108.80 per barrel from USD105.70 per barrel on Friday evening, while gold is worth USD4,682.16 per ounce from USD4,722.30 per ounce yesterday evening.
Monday's economic calendar includes, at 0130 CEST, Japan's unemployment rate and interest rate decision.
At 1000 CEST, from Italy, data on Italian industrial sales will arrive, while at 1100 CEST it will be the turn of the producer price index.
At 1415 CEST, from the US, ADP employment data, while at 2230 CEST, weekly oil inventory data will be available.
On the corporate calendar, results from Mondo TV France, Olidata, Renovalo, and Xenia Hotellerie Solution are expected.
By Maurizio Carta, Alliance News reporter
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