(Alliance News) - Piazza Affari closed higher -- doing better than the rest of Europe -- on the day the Bank of Japan raised rates and on the eve of the Federal Reserve's decision on monetary policy.
Axel Rudolph, Senior Market Analyst at IG, said, "Most equity indices, with the exception of China and India and the Nasdaq 100, are trading in slightly positive territory ahead of Wednesday's Fed meeting, which will hopefully provide more clarity regarding the dot plot. The BoJ's first rate hike in 17 years and the lifting of yield curve controls supported the Nikkei 225 but, surprising most investors, led to a significant yen depreciation of about 1 percent against the U.S. dollar and euro."
"The unchanged Australian cash rate at the RBA meeting but accommodative tone led to a weakening of the Australian dollar that helped the AU200 close positive. European indexes were buoyed by much better-than-expected German ZEW economic sentiment, which hit a two-year high."
The FTSE Mib closed Tuesday up 1.0 percent to 34,262.36, the Mid-Cap rose 0.3 percent to 47,201.66, the Small-Cap lost 0.2 percent to 27,436.81, and Italy Growth rose 0.6 percent to 8,114.69.
In Europe, London's FTSE 100 closed up 0.1 percent, Paris' CAC 40 rose 0.6 percent and Frankfurt's DAX 40 gained 0.2 percent.
On the Mib, Recordati fell 1.2 percent despite confirming on Tuesday its results for fiscal 2023, which closed with a net profit of EUR389.2 million, up 25 percent from 2022, driven by strong operating performance and lower nonrecurring costs than in 2022.
The company proposed the distribution of a dividend of EUR0.63 per share, in settlement of the FY2023 interim dividend of EUR0.57, for each of the shares outstanding as of the ex-dividend date on May 20, with payment on May 22 and record date on May 21. Thus, the dividend
total per share proposed for fiscal year 2023 amounts to EUR1.20 per share from EUR1.15 per share under the 2022 budget.
Fincantieri--on the Mid-Cap--gained 0.6 percent while Saipem lost 1.2 percent after announcing that it has signed a memorandum of understanding to assess opportunities for commercial and industrial cooperation in the area of autonomous underwater vehicles and related integration with surface and underwater units.
The memorandum is among initiatives aimed at promoting and developing national excellence in the underwater sector, the company explained in a note.
"The agreement aims to enable the participation of the two companies in programs of relevance in the Italian and international market in the area of surveillance and control of critical underwater infrastructure and rescue activities, through the use of specific complementary technologies of Fincantieri and Saipem," the companies explained.
BPER Banca -- up 2.8 percent -- on Monday informed that the rating agency S&P Global, upon completion of the evaluation process, assigned its long-term and short-term issuer ratings, which were rated at 'BBB-' and 'A-3' respectively. The outlook regarding all ratings assigned is rated Positive.
Iveco Group did better than all, accomplishing a 3.1%% rise albeit with a below-average trading volume of 2.6 million pieces changed hands.
On the Mid-Cap, MutuiOnline Group rose 5.0% to EUR36.45 per share, ending its fourth session in a row among the bullish. The company announced on Tuesday an institutional re-branding plan, "after a 2023 closed under the banner of strong growth despite an unfavorable market environment for mortgages," the company points out.
In particular, it will be proposed at the next shareholders' meeting to change the company's name to "Moltiply Group Spa."
Boost also on El.En, which scores a plus 4.0 percent. Of note, JPMorgan Asset Management cut its short position on the stock to 0.95% from 1.09%.
Lottomatica - trailing the list with a 5.9% decline - repriced in the EUR11.0960 area. Gamma Intermediate completed the placement of 20 million Lottomatica shares, representing about 7.9% of the share capital, through a private placement via accelerated bookbuilding. The sale price was set at EUR10.90 per share for a total gross consideration of EUR218 million.
Gamma Intermediate will retain a 57.4 percent stake in Lottomatica's share capital after the completion of the placement.
On the Small-Cap, Fidia confirmed the good form seen since the bell rang, rising 1.6 percent and closing its third consecutive session higher.
The board of directors of Centrale del Latte d'Italia -- down 7.6 percent -- on Tuesday announced the approval of the financial report for fiscal year 2023, which closed with a net profit for the year of EUR2.96 million, compared to the net profit of EUR154,000 recorded in the previous year.
FILA lost 7.6 percent after announcing that it closed 2023 with consolidated revenues of EUR779.2 million from EUR764.6 million as of Dec. 31, 2022. Normalized net income for the period was EUR40.6 million from EUR42.8 million as of Dec. 31, 2022.
The company said it has proposed to distribute a dividend of a maximum total amount of EUR6.1 million, confirming that of EUR0.12 per share in 2022.
Among SMEs, Gentili Mosconi did well, rising 0.8 percent to EUR3.60 per share. The company announced Monday that it had finalized the acquisition of 70 percent of Tintoria Comacina, a historic company in the province of Como. The deal is the first acquisition scored by Gentili Mosconi and confirms the growth and integration process announced a year ago when it was listed on the stock exchange, aimed at creating a central hub of synergies by internalizing skills and crucial phases of the production process.
Estrima lost 7.1 percent, with price at EUR0.5260. The company announced Monday the sale of its stake in Birò Hellas to NextCom, specifying that it had mandated the CEO to review the business plan approved on Sept. 27.
These transactions, the company specified in a note, "are necessary in light of recent developments and feedback on sales, which disregard growth expectations denoting a slowdown in demand."
In New York, the Dow is up 0.6 percent to 39,012.27, the Nasdaq gives up 0.1 percent to 16,088.76 and the S&P 500 gains 0.2 percent to 5,157.50.
Among currencies, the euro changes hands at USD1.0860 against USD1.0873 recorded in Monday's European stock close, while the pound is worth USD1.2719 from USD1.2724 on Monday evening.
Brent crude is worth USD86.63 per barrel versus USD87.49 per barrel at Monday's close. Gold, meanwhile, trades at USD2,154.43 an ounce from USD2,159.77 an ounce on Monday evening.
On Wednesday, the Tokyo Stock Exchange will be closed for the Spring Equinox while the macroeconomic calendar will open with China's prime interest rate at 0215 CET, followed by UK consumer and producer inflation at 0800 CET.
Italian industrial production data will arrive at 1000 CET, shortly after a speech by Christine Lagarde and before that of Philippe Lane of the European Central Bank. At 1100 CET, space will be given to Eurozone construction output.
In the U.S., eyes will be on mortgage data, due out at 1200 CET, and crude oil stocks, at 1530 CET. But the catalyst of the day will be the Federal Reserve's decision, due at 1900 CET.
Among the companies in Piazza Affari, the accounts of Beewize, Digital Magics, ENAV and LVenture Group are expected.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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