(Alliance News) - Piazza Affari proceeded bullish in the third session of the week, as trading rooms await Federal Reserve Chairman Jerome Powell's speech before the U.S. Congress for guidance on the path of U.S. monetary policy.

Economic data included that retail sales in the euro area rose 0.1 percent month-on-month in January, following a revised 0.6 percent contraction in December and in line with market expectations. The data were released Wednesday by Eurostat.

On the domestic front, Italy's construction sector experienced a slowdown in activity in February, according to survey results from S&P Global released Wednesday.

As a result, the HCOB Construction Sector PMI Index decreased to 50.3 points, down from 51.6 in January. The figure, while remaining above the neutral no-change threshold of 50.0, marks only a slight increase in activity in Italy, and the minor expansion of the current five-month upward trend.

Thus, the FTSE Mib, marks an asset of 0.5 percent to 33,307.25, the Mid-Cap is up 0.6 percent to 46,192.04, the Small-Cap is advancing 0.3 percent to 27,683.24 while Italy Growth is giving up 0.1 percent to 8,189.06.

Paris' CAC 40 is in the green by 0.1 percent, London's FTSE 100 advances 0.3 percent, while Frankfurt's DAX 40 picks up 0.1 percent.

On the Mib, FinecoBank advances well, moving ahead 2.1% with price at EUR13.35 per share. The company reported Wednesday that it raised EUR845.3 million in February from EUR869.8 million in February 2023. Since the beginning of the year, FinecoBank has raised EUR1.43 billion, up from EUR1.62 billion in the same period last year.

Managed assets are positive at EUR269.3 million from EUR184.9 million in the same period of 2023 and include EUR160 million related to Fineco Asset Management's retail inflows, despite EUR196 million in outflows from the insurance segment.

Good session for Mediobanca, which rises 1.6 percent, on the heels of the eve's gain closed with a plus 0.9 percent.

Telecom Italia equally ranks in the high quarters, bringing the price ahead 2.3% to EUR0.29 - best on the list - rearing its head again after two bearish sessions on the day when the accounts are due to be released again.

Banca Mediolanum - in the green by 0.3 percent - reported its trading results for February 2024 on Wednesday, reporting total net inflows of EUR1.18 billion. In contrast, net inflows in asset management amounted to EUR441 million while new loans disbursed were EUR181 million and protection policy premiums amounted to EUR14 million.

At the tail end, among the few bearish performers is Brunello Cucinelli, down 1.2 percent with new price at EUR111.50, on the heels of the eve's decline that closed with minus 0.4 percent.

Rear-ends also for Saipem, which is giving up 0.3% to EUR1.97 per share, subject to profit taking after four sessions among the bearish.

On the Mid-Cap, strength on Juventus FC, which moves ahead 8.6% in its third bullish session.

Top of the list for Fincantieri, which advances 8.2% to EUR0.5140 on the eve of the release of its accounts.

Maire Tecnimont - up 3.2% - on Tuesday reviewed and approved its 2023 financial statements, which closed with a net profit of EUR129.5 million, up 43% on the previous year. The board proposed the distribution of a dividend of EUR0.197 per share, up 59% from the previous year, increasing the payout ratio from 45% to 50%.

Acea's board of directors -- in letter with 1.4 percent -- approved Tuesday the consolidated financial statements as of December 31, 2023, ending the year with a net profit of EUR294 million compared to EUR279.7 million in 2022. Recurring profit is EUR280 million, up 22 percent from 2022. The board proposed a dividend of EUR0.88 per share, 4% higher than in 2022.

The board also approved the 2024-2028 business plan. The business plan calls for investments in the period 2024-2028 of EUR7.6 billion, where 91 percent of capex will be allocated to regulated activities.

Banca Popolare di Sondrio -- in the red by 0.8 percent -- announced Tuesday that it had placed a EUR300.0 million Tier 2 bond, with demand received of EUR1.8 billion. The bond was issued at a price of 100 and carries an annual coupon of 5.505 percent for the first five years. The issue attracted considerable interest in the market from more than 190 institutional investors from different countries and was allocated 60 percent abroad. The bond spread, initially announced as five-year mid-swap plus 325 basis points, was consequently reduced to the final level of plus 280 basis points.

The tail end of the list is for Intercos, which contracted 1.8 percent to EUR14.08 per share after two bullish sessions.

Among smallcaps, Bastogi advances well, moving ahead 4.2%, rearing its head after four bearish candles.

Giglio.Group scores a plus 2.9 percent, following a 0.5 percent red on eve. The company announced Tuesday that its board of directors has approved the underwriting transaction between Giglio Group as lessee and Salotto Brera as lessor, for the lease of the "travel retail" business of Milanofiori Assago, in the province of Milan. The contract provides for a total term of one year at EUR60,000, with possible renewal to be negotiated within three months of its expiration.

Instead, doValue advances 2.6 percent, with new price at EUR1.94, after two sessions among the bearish. The company announced Tuesday that it has entered into a new servicing agreement with Attica Bank SA through its subsidiary doValue Greece Loan and Credit Claim Management Company SA. The agreement covers the management of a portfolio of NPEs worth about EUR500.0 million GBV, itself part of a decuritized portfolio known as Project Omega, which had been transferred back to Attica Bank in February 2024.

SS Lazio cedes ground, posting minus 3.9 percent in the aftermath of its Champions Leaugue defeat at the hands of Bayern Munich, which decreed its exit from the competition.

Rear-ends also for Restart, which marks minus 3.3 percent with new price at EUR0.1760, in its third bearish session.

Among SMEs, Fae Technology sprints ahead of the pack with a plus 9.6%, pointing to its sixth daily bullish candle.

Double-digit bullish for Caribbean Company, which is up more than 13 percent. The stock registers high trading volume, with over 81,000 pieces compared to the atre-month daily average of about 14,100.

Promotica -- down 1.8 percent -- reported Tuesday that its board of directors reviewed and approved preliminary consolidated revenues for 2023, which are in the range of EUR84 million to EUR85 million, which compares with EUR89.9 million as of Dec. 31, 2022.

Askoll Eva, on the other hand, is giving up 5.7 percent to EUR0.23 per share, after Tuesday night's gain of 7.0 percent.

In New York, the Dow closed 1.0% in the red, the Nasdaq gave up 1.7%, and the S&P 500 closed 1.0% in the red.

Among currencies, the euro changed hands at USD1.0874 versus USD1.0865 recorded at last night's European stock close, while the pound is worth USD1.2716 from USD1.2722 on Tuesday night.

Brent crude is worth USD82.47 per barrel versus USD82.66 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,125.25 an ounce from USD2,124.15 an ounce last night.

On Wednesday's macroeconomic calendar, from the US, at 1300 CET will come the mortgage market report while at 1415 CET will be the turn of the US nonfarm ccupation data.

At 1600 CET, Federal Reserve Chairman Jerome Powell's hearing in the US Congress will begin, followed half an hour later by the crude oil stocks figure, the EIA report and the Cushing inventory report.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.