(Alliance News) - The Mib closed higher on Tuesday, with the point bar in the 30,600 area on the eve of the Federal Reserve meeting, partly on the heels of good economic data that exceeded estimates. Italy's Gross Domestic Product grew beyond forecasts in the fourth quarter of last year, as reported by Istat on Tuesday, which released preliminary data.
In fact, the Italian economy grew 0.5 percent year-on-year in the fourth quarter after increasing 0.1 percent in the third quarter and beating market estimates of a 0.3 percent increase. On a quarterly basis, the 0.2 percent increase is higher than the 0.1 percent increase in the previous quarter and compared with estimates of a flat figure.
Thus, the FTSE Mib closed in the green by 1.3 percent at 30,623.27, the Mid-Cap gained 0.3 percent to 45,460.18, the Small-Cap gave up 0.3 percent to 27,674.89, while Italy Growth finished just below par at 8,312.66.
In Europe, Paris' CAC 40 closed in the green by 0.5 percent as did London's FTSE 100, while Frankfurt's DAX 40 advanced 0.2 percent.
On the Mib, Saipem gave up more than 12 percent. The company confirmed Tuesday an accident on the pipelaying vessel Castorone off Australian waters during normal pipelaying operations. "The incident caused no injuries to personnel and there was localized damage to the main line which will be remedied. The vessel Castorone was not seriously damaged. The health and safety of our personnel, the environment and our assets are a top priority for Saipem," reads the note released by the company.
Tenaris, on the other hand, left 2.0 percent on the parterre, with new price at EUR14.68 per share after 0.5 percent red on the eve of the day.
Also hurt was ERG, which gave up 0.1 percent after announcing the finalization of the acquisition from QEnergy France SAS, a leading renewable energy operator in France, of 100 percent of CEPE Renouvellement Haut Cabardès SAS, a company that owns a 73.2 MW wind and solar portfolio in France. The finalization of this transaction allows ERG to consolidate its position in France, the second largest market after Italy, reaching 674 MW of installed capacity in the country, of which about 20 percent consists of solar.
Good session for Intesa Sanpaolo, which marks a plus 3.4 percent at EUR2.87. The stock during the session updated its 52-week high at EUR2.87.
Banco BPM also climbs well, picking up 3.1 percent. Capital Fund Management raised its short position on the stock to 0.65 percent from 0.58 percent previously.
On the Mid-Cap, Banca Popolare di Sondrio raised the bar 3.7%, on its sixth bullish daily candle.
Digital Value rises 1.4 percent, following up on the eve's close with a 10 percent gain.
Salvatore Ferragamo gives up 1.9%. In recent days it reported preliminary results for 2023, with revenues coming in at EUR1.16 billion from EUR1.25 billion in the previous year and therefore down 7.6 percent.
Saras also hurt, in the red by 6.9 percent. High trading volume was recorded on the stock, amounting to more than 26 million pieces compared with a three-month daily average of just under 7.5 million.
Ariston Holding, on the other hand, gave up 2.0 percent on the heels of Monday's 1.7 percent red.
On the Small-Cap, Softlab gave up 6.3 percent to EUR1.55 per share, following the 2.4 percent red on the eve of the day.
Fidia, on the other hand, left 6.4 percent on the parterre, following two previous bearish sessions.
Biesse - in the green by 0.3 percent - on Monday reported that as the conditions precedent stipulated in the acquisition agreement had been fulfilled, the acquisition of the entire share capital of GMM Finance Srl, the holding company heading the GMM Group to which GMM Spa, Bavelloni Spa and Techni Waterjet Ltd, as well as their respective Italian and foreign subsidiaries, active in the sectors of machine tools for processing stone, glass and other materials, belonged. The provisional acquisition consideration of approximately EUR69 million was fully settled in cash, starting from an enterprise value of EUR86.5 million and considering a Net Debt Financial Position.
Autostrade Meridionali advanced more than 15 percent to EUR14.00 per share, in its fourth bullish session.
Among SMEs, Casta Diva rallied 6.8 percent, on its third bullish session.
High quarters also for Health Italia, which brought acasa more than 14 percent with new price in the EUR1.50 per share area.
Clabo, on the other hand, gave up 9.3 percent despite good numbers released earlier in the day. The company reported Tuesday that it achieved consolidated revenues of EUR63.4 million in 2023, up 7.0% from EUR59.3 million in 2022. Adjusted Net Financial Position stood at EUR31.3 million compared to EUR34.9 million as of December 31, 2022 and EUR33.1 million as of September 30, 2023.
Imprendiroma, on the other hand, gave up 6.7 percent after two sessions closed among the bullish.
In New York, the Dow is rising 0.1 percent, the Nasdaq is giving up 0.4 percent, and the S&P 500 is just below par.
Among currencies, the euro changes hands at USD1.0840 against USD1.0805 recorded at Monday's European stock close while the pound is worth USD1.2669 from USD1.2679 last night.
Brent crude is worth USD82.45 per barrel versus USD81.91 per barrel at Monday's close. Gold, meanwhile, trades at USD2,032.51 an ounce from USD2,027.45 an ounce on Monday evening.
On Wednesday's calendar, from Japan will come at 0050 CET the industrial production and retail sales data, followed at 0230 CET by China's composite PMI.
At 1200 CET it will be the turn of Italian industrial sales, while at 1300 CET the US mortgage market report will be released. At 1400 CET, however, the CPI from Germany will be released.
At 1630 CET, from the U.S., it will be the turn of the crude oil stocks figure, the EIA report and the Cushing inventory.
At 2000 CET, however, there will be the FOMC's interest rate decision.
Among companies, Convergence and NVP results are coming up.
By Maurizio Carta, Alliance News reporter
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