Stock exchanges tack upward; Brembo runs on Mid

(Alliance News) - On Wednesday, major European stock markets tacked upward in mid-morning, except for the Frankfurt Stock Exchange.

Thus, the FTSE Mib is in the green 0.2 percent to 33,824.31, the Mid-Cap is in the green 0.1 percent to 46,662.14, the Small-Cap is down 0.2 percent to 28,300.93, and Italy Growth is in the green 0.2 percent to 8,039.11.

In Europe, London's FTSE 100 is in the green by 0.1 percent, Paris' CAC 40 is up 0.3 percent, and Frankfurt's DAX 40 gives up 0.2 percent.

In macroeconomic news, the number of employed people in Italy rose in August compared with the previous month, while the unemployment rate fell to 6.2 percent from 6.4 percent in July, according to data released by Istat on Wednesday.

In detail, employment rose by 45,000 for men, employees and in all age groups, except for those aged 35-49 among whom it declines, as well as among women and the self-employed.

In the Eurozone, the unemployment rate remained stable in August, according to official data on Wednesday.

Eurostat said the unemployment rate remained at 6.4 percent in August on a seasonally adjusted basis, unchanged from July. The reading is in line with market consensus, as cited by FXStreet. The August reading was lower than the 6.6 percent a year earlier.

Across the single currency bloc, Eurostat estimates that 10.925 million people were unemployed in August. This is down 94,000 from July and down 233,000 from a year earlier.

On the Mib, Leonardo takes the top spot, up 4.0%. Eni also does well, up 2.6%, while Brunello Cucinelli, up 2.1%, closes the podium.

UniCredit--down 0.8%--reported Wednesday that rating agency Moody's confirmed its Senior Preferred debt and long-term deposit ratings at Baa1, with a stable outlook.

At the same time, the rating agency said that it would consider upgrading UniCredit's stand-alone rating -- Baseline Credit Assessment -- of Commerzbank, currently Baa3, to Baa2, one notch above Italy's sovereign rating, if UniCredit acquires Commerzbank.

This would entail raising the rating for senior nonpriority and junior debt as well.

Among the bearers are utilities, with Enel and Hera giving up 1.8 percent and 1.6 percent, respectively.

On the cadet segment, Brembo rises 3.7 percent after announcing Wednesday that it has completed the sale of its entire stake in Pirelli & C. common stock -- on the bottom with a 3.7 percent decline on the Mib -- through the accelerated bookbuilding procedure.

The selling shareholder announced that it had sold 55.8 million ordinary shares held in Pirelli, corresponding to about 5.6 percent of the company's share capital as of the date of this press release, to institutional investors at a price of EUR5.07 per share.

The total consideration was EUR282.9 million.

Salvatore Ferragamo rises 0.4 percent. On the stock Barclays reduced its target price to EUR6.80 from EUR6.90 and 'underweight' indication.

Piovan - flat at EUR13.75 per share - on Tuesday appointed the new seven members of the board of directors, who will serve until the shareholders' meeting called to approve the financial statements as of December 31, 2025.

The new board of directors thus includes chairman Nicola Piovan, directors Filippo Zuppichin, Roberto Ardagna, and Chiara Arisi, and independent directors Elena Biffi, Michela Cassano, and Mario Cesari.

Among the bearers, Arnoldo Mondadori Editore gives up 0.2 percent. The company announced Tuesday that Mondadori Media has finalized the acquisition of 51 percent of the share capital of Fatto in casa from Benedetta, which owns all intellectual property rights and economic exploitation of Benedetta Rossi's image as well as all social assets and related content library.

The acquisition price, paid entirely in cash, is EUR6.9 million and reflects an enterprise value for 100 percent of the company, on a cash & debt free basis, of EUR13.5 million.

Among smallcaps, Banco Di Desio e della Brianza rises 0.4 percent. The company announced Tuesday that it has successfully completed the placement of its first "green" qualified Senior Preferred bond, consistent with the group's Green Bond Framework, for a total amount of EUR40 million.

The bond issue aimed at its retail customers has a maturity of 3.5 years, minimum denomination of EUR1,000 and carries a 3 percent annual coupon recognized quarterly starting Oct. 16.

Class Editori rises 1.6 percent. The board of directors said it reviewed and approved the consolidated half-year financial report as of June 30, closing with a consolidated net loss of EUR4.7 million, compared with a profit of EUR40,000 as of June 30, 2023.

Consolidated revenues for the first six months of 2024 were EUR40.0 million, compared to EUR42.9 million in the corresponding period of 2023.

Seri Industrial gives up 1.9 percent. The company Monday evening reviewed and approved its consolidated half-year financial report as of June 30, closing with a loss of EUR6.0 million compared to a negative EUR7.0 million in June last year.

Revenues from customers as of June 30, 2024, amounted to EUR76.6 million, down 8 percent from the previous period, while revenues, income and increases for internal work of EUR94.2 million were basically in line with the previous period.

Among SMEs, Casta Diva Group -- in the green by 2.0 percent -- reported Tuesday that Genius Progetti, a group company specializing in creating and organizing events and experiences for major brands and luxury industries, has signed a three-year contract with a prestigious Italian car manufacturer.

The contract includes general management - planning and marketing strategy -, planning, tailor made experiences, concept and entertainment development, and client concierge of different types of formats on the European territory, with a potential value that the group estimates around EUR70 million over the next three years, considering that the 2025 budget, already allocated, amounts to around EUR27 million.

Novamarine is not yet affected by the exchanges. The company reported that it ended the first half of the year with revenues of EUR15.0 million, compared with EUR12.1 million in the same period last year.

Net income more than doubled to EUR1.5 million from EUR600,000 a year earlier.

In addition, it announced that it has signed a strategic agreement with the Belgian company of the Brunswick Marine group, distributor of major brands of boats and products in the marine field, including Mercury products, which will equip, in their various forms, the new Navy by Novamarine production line.

Prismi-not yet affected by the exchanges-has let it be known that board chairman Giacomo Fenoglio has resigned from his position with immediate effect, due to the incompatibility of holding the position with his professional commitments.

In Asia, with the Shanghai Composite paused for a national holiday, the Nikkei gave up 2.2 percent to 37,808.76, while the Hang Seng closed in the green by 6.2 percent to 22,443.73.

In New York on European night, the Dow closed in the red 0.4 percent to 42,156.97, the Nasdaq fell 1.5 percent to 17,910.36, and the S&P 500 closed down 0.9 percent to 5,708.75.

Among currencies, the euro changed hands at USD1.1068 against USD1.1063 in Tuesday's European equities close while the pound was worth USD1.3283 from USD1.3272 Tuesday evening.

Among commodities, Brent crude is trading lower at USD75.27 per barrel versus USD74.61 per barrel in Tuesday's European stock close. Gold, on the other hand, trades at USD2,673.85 an ounce from USD2,686.05 an ounce Tuesday evening.

Wednesday's macroeconomic calendar, with the Chinese stock exchange not trading due to a national holiday, features US 30-year mortgage data at 1300 CEST, while at 1415 CEST it is the turn of the change in nonfarm employment.

By Claudia Cavaliere, Alliance News reporter

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