Mib advances to 28,900; Poste soars after accounts

(Alliance News) - The bluechip index Tuesday in Piazza Affari advanced to the 28,900 area as a cautious mood prevailed, with traders assessing corporate results and China's public stimulus efforts in anticipation of an expected 25 basis point rate hike from both the FED and ECB this week.

In Europe's top economy, Germany, sentiment among businesses deteriorated further. The ifo Business Climate Index fell to 87.3 points in July, down from 88.6 points in June, as disclosed by ifo on Tuesday, which reported the third monthly drop in sentiment in a row.

The FTSE Mib, therefore, moves in the green by 0.2 percent to 28,970.02.

In Europe, London's FTSE 100 rises 0.2 percent, Paris' CAC 40 is in the green by 0.2 percent as is Frankfurt's DAX 40.

Among the smaller lists, the Mid-Cap marks a 0.2 percent decline to 42,252.94, the Small-Cap is just above par at 26,816.30, and Italy Growth is in fractional green at 9,082.47 points.

On the main list in Piazza Affari, Banca Generali is doing well, appreciating 1.1 percent two days after the release of its half-year report.

The board of Poste Italiane--best on the list with a 1.6 percent asset--reported Tuesday that it had approved financial results for the first half of 2023, which closed with a net profit of EUR1.14 billion, compared with EUR985 million in the same period last year. Revenues were EUR6.05 billion compared to EUR5.58 billion in the first half of last year.

STMicrolectronics, on the other hand, rises 1.2 percent, turning upward after three sessions on the bearish side.

Barclays raised its target price for Telecom Italia to EUR0.25 from EUR0.22. However, the stock is stepping back 0.2 percent.

Eni--down 0.5 percent--reported Tuesday the acquisition of Chevron's interests--including operatorship--in the Ganal PSC, Rapak PSC and Makassar Straits PSC blocks in the Kutei Basin, East Kalimantan, offshore Indonesia. Eni already owns a 20 percent stake as a nonoperator in the Ganal and Rapak blocks. "The acquisition is an important step in particular because it will accelerate the development of the Gendalo and Gandang gas project, part of the Indonesia Deepwater Development in the Ganal PSC, near the Jangkrik FPU, with gas reserves estimated at around 2TCF," the Six-legged Dog said.

On the MidCap, Tod's advances well, posting a plus 1.9 percent gain bringing the price to EUR42.26.

Significant buying on GVS, pushing the stock up 4.9 percent to EUR5.82 per share, following up eve's 1.4 percent gain.

Webuild -- in the red by 0.4 percent -- on Monday reported having purchased 257,204 of its own ordinary shares in the week of July 17-21. The average price was EUR1.7946 per share, for a total consideration of EUR461,569.68.

Carel Industries closed the list, marking a minus 8.9 percent in the EUR23.60 area. The company on Monday evening signed a binding agreement to acquire an 82.4 percent stake in Kiona Holding AS, a Norwegian prop-tech company.

Rear-ends also for Alerion, which gives up 2.2% still holding slightly on the weekly frame.

On the SmallCap, the rise of Conafi--leading since the bell rang--continues, moving ahead 5.1%, tacking up after two bearish sessions.

High quarters also for Softlab, which scores a plus 3.4 percent after two sessions in the red.

Autostrade Meridionali - flat at EUR12.15 - reported Monday that it posted a loss of EUR852,000 in the first half of the year, which compares with a profit of EUR15.9 million for the same period in 2022.

d'Amico International Shipping - in the red by 0.2 percent - announced Monday that it had purchased 127,000 of its own ordinary shares between July 17 and 21 for a total value of EUR437,000 or so.

Gabetti, on the other hand, gives up 2.5 percent, after a 0.6 percent gain on Monday evening.

Among SMEs, Alfonsino moves ahead 9.7 percent to EUR0.7940 per share. Of note, the stock has increased its market cap by more than 65% since the beginning of 2023.

Pharmacosmo, on the other hand, advances 4.4 percent, pointing to the third session to close on the bullish side. The company reported that, in the first half of the year, total revenues stood at EUR36.7 million, up 17 percent from the same period last year.

Grifal's board of directors - down 3.5 percent - reviewed consolidated pre-consolidated revenues for the first half of 2023, which show 4.5 percent growth over the same period in 2022 to EUR19.4 million.

In New York last night, the Dow Jones closed up 0.5 percent, the Nasdaq advanced 0.2 percent, and the S&P 500 posted a green of 0.4 percent.

Among currencies, the euro changed hands at USD1.1045 against USD1.1075 in Monday's European equities close while the pound was instead worth USD1.2837 from USD1.2821 on Monday evening.

Among commodities, Brent crude is worth USD82.60 per barrel versus USD82.38 per barrel at Monday's close. Gold, meanwhile, trades at USD1,962.07 an ounce from USD1,959.55 an ounce on Monday evening.

On Tuesday's macroeconomic calendar, atAt 1430 CEST, from Canada, manufacturing sector sales are expected while at 1500, from the US, the Housing Price Index and the S&P/CS HPI Composite Index will come out.

An hour later, will come the consumer confidence report and ,at 2230 CEST, the weekly oil stocks.

By Maurizio Carta, Alliance News senior reporter

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