(Alliance News) - The Mib rose for the second consecutive session on Tuesday, trading above the 28,800 mark, aligning with the bullish trend of other European exchanges. Trading rooms await the release of significant economic data expected this week, including, from the US, GDP and PCE inflation data.
On Tuesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the rate confirmation at the Sept. 20 meeting has an 81 percent probability for the 525/550 bp range confirmation, up about 2 percent from this morning's reading. In contrast, the 25 bps rise in the 550/575 bps target is priced at 19%.
Thus, the FTSE Mib closed up 1.2 percent at 28,889.76, the Mid-Cap was up 1.0 percent at 42,054.83, the Small-Cap gained 0.9 percent at 27,261.18, and Italy Growth closed up 0.4 percent at 8,895.93.
In Europe, London's FTSE 100 closed up 1.8 percent, Paris's CAC 40 up 0.7 percent, and Frankfurt's DAX 40 up 0.9 percent.
On the blue chip list, ERG did well, bringing home a green of 2.5 percent after the eve's 0.4 percent decline. The stock had previously come from three bullish sessions.
Banca BPER closed up 0.8 percent. On the stock it is mentioned that Capital Fund Management revised its short position on the stock to 0.72 percent from 0.69 percent previously.
Telecom Italia continued to gain ground with a 0.1 percent rise after a 3.4 percent green on eve. The Italian government gave the go-ahead Monday evening for a stake of up to EUR2.2 billion in Telecom Italia's fixed-line network through a joint bid with U.S. investment fund KKR. Economy Minister Giancarlo Giorgetti said the Council of Ministers approved a decree granting the state the funds to take a stake of up to 20 percent in the network. The stake, "up to EUR2.2 billion," will allow Italy to play a role in "what we consider a decisive infrastructure for the country's future," Giorgetti told reporters.
The agreement signed in early August with KKR called for the Economy Ministry to take a minority stake in TIM's future company, combining the fixed-line network and submarine cable subsidiary.
The buy side also prevailed well on UniCredit, which brought home a 1.9 percent green, with its buyback program proceeding steadily. Most recently, it disclosed that it bought back more than 4.5 million of its own shares from August 21 to 25. Since the start of the program, UniCredit has purchased shares for nearly 7.6 percent of the share capital.
Saipem also rises with 1.7 percent. The company received formal notification of the completion of the Golfinho transaction between BW Energy and Petrobras, under which BW Energy acquired 100 percent of the exploitation rights to the Golfinho field.
Pursuant to the MOA, the consideration BW Energy will pay to Saipem for the sale of the FPSO is USD73 million, of which USD38 million upon completion of the Golfinho transaction and UD35 million in 18 monthly installments following the transfer of the unit. The completion of the Golfinho transaction was a condition precedent for the sale of the FPSO, which is currently operating at full capacity, and for the initial consideration payments.
On the Mid-Cap, Saras continues the bullish trend bringing home a plus 4.5 percent. On the stock, WorldQuant revised its short position to 0.69% from 0.73% previously. Marshall Wace, on the other hand, cut its short to 1.82% from 1.99% previously.
Ariston Holding, on the other hand, advanced 4.8%, on the heels of the previous session's 4.0% gain.
Alerion, on the other hand, advanced 5.2%, following its eve's 2.1% loss.
Among the minority of bearers, Intercos left 1.7 percent on the parterre after the previous evening's 1.3 percent gain. The stock was coming from seven sessions in a row that closed with a negative balance.
On the Small-Cap, Olidata rallied more than 12 percent. The company announced Monday that it had been awarded a 30% RTI contract worth more than EUR30 million. The company explained that the framework agreement concerns the awarding related to the supply, maintenance and management of upgrades to Sogei's Data Connectivity Switches for the next 36 months.
Italian Exhibition Group -- up more than 10 percent -- reported Tuesday that it posted a profit of EUR10.6 million in the first half of the year, an improvement from a loss of EUR5.6 million in the same period last year. Revenues amounted to EUR119.2 million up from EUR72.7 million in the first half of 2022.
Seri Industrial, on the other hand, rallied 6.1 percent, rearing its head after three sessions closed among the bearish.
Among SMEs, ImprendiRoma rallied 13 percent, rebounding after four sessions closed down.
Almawave, on the other hand, appreciated 7.6 percent. The company on Monday evening announced that together with Microsoft Italy it has signed an agreement aimed at promoting generative artificial intelligence in Enterprise applications to optimize data management and content navigation.
VNE, on the other hand, picked up 3.2 percent after announcing on Monday that it had signed directly and through its subsidiary VNE Renting, five new contracts for the supply of products and services inherent to the gaming sector with a total value of EUR540,000.
On the negative notes, among the many declines, AAtech steps back 7.1 percent after a 2.9 percent loss on the eve.
Last night, in New York, the Dow Jones, the Nasdaq, while the S&P 500.
Among currencies, the euro changed hands at USD1.0854 versus USD1.0809 in Monday's European equities close while the pound was instead worth USD1.2624 from USD1.2587 on Monday evening.
Among commodities, Brent crude is worth USD84.69 per barrel versus USD84.53 per barrel at Monday's close. Gold, meanwhile, trades at USD1,937.10 an ounce from USD1,923.91 an ounce on Monday evening.
On Wednesday's economic calendar, at 0730 CEST Germany's CPI, at 0800 CEST car registrations from Italy and Germany. At 1000 CEST, itlaini consumer confidence and industrial sales, and at 1100 CEST Eurozone sentiment on services, consumers and businesses.
At 1110 CEST, auction of 5- and 10-year BTPs.
From the US, at 1300, the 30-year mortgage rate and at 1430 CEST, GDP. At 1630 CEST, crude oil stocks, Cushing inventory and EIA report.
On the Italian corporate calendar, no events are scheduled.
By Maurizio Carta, Alliance News reporter
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