(Alliance News) - Europe's major stock markets close lower Friday on another heavy day for banking stocks that have been suffering across the Old Continent for more than a week.

European Union leaders and the head of the European Central Bank sought to reassure markets that the Eurozone banking sector is stable and resilient to shocks, after European banks' stocks plunged.

ECB chief Christine Lagarde told EU leaders that the single currency area's banking sector is "strong," an EU official explained, during a summit of euro area leaders in Brussels.

"There seems to have been no obvious catalyst today other than a slow fuse represented by uncertainty about the prospect of future rate hikes and the effects they might have on financial stability. These concerns seem to have reached a tipping point today, with companies like Deutsche Bank down more than 14 percent at one point during the day," comments Michael Hewson, Chief Market Analyst at CMC Markets.

"This new wave of selling shows that the Credit Suisse takeover has not put a damper on the crisis, and investors are hoping for some more reassuring words from the authorities," adds Chris Beauchamp, chief market analyst at IG.

Thus, the FTSE Mib closes 2.2 percent in the red at 25,892.18 signaling itself as the worst among Europeans.

Among Italy's smaller lists, the Mid-Cap is in the red 1.6 percent to 42,284.75 as is the Small-Cap to 29,560.90, while Italy Growth gives up 0.8 percent to 9,300.08.

In Europe, London's FTSE 100 is in the red by 1.3 percent, Paris' CAC 40 gives up 1.9 percent and Frankfurt's DAX 40 closes in the red by 1.8 percent.

The main list in Piazza Affari closes with only two stocks in the black, DiaSorin and Recordati Oro advancing with 3.6 percent and 0.3 percent, respectively.

Unipol gives up 1.7 percent after reporting Friday that it has approved its 2022 accounts, confirming preliminary figures released in February, which showed a net profit of EUR866 million, up from EUR796 million a year earlier.

Banca Monte Paschi Siena closes 3.3 percent in the red after letting it be known Thursday that board chair Patrizia Grieco resigned when her term was renewed after taking a new position at another listed company.

Other bankers also hurt, with Banco BPM, UniCredit, and BPER Banca all three closing down 4.1 percent. Intesa Sanpaolo ends in the red by 2.4 percent and FinecoBank by 2.2 percent.

Iveco Group is the worst, giving up 5.0%.

On the Mid-Cap, UnipolSai closes 1.5% in the red after announcing Friday that it had confirmed its preliminary accounts for 2022, released in February, which showed a consolidated net income of EUR651 million down from EUR723 million a year earlier.

Iren ends up 2.1 percent. The board of directors on Thursday, along with the 2022 financial results, also approved an update of the business plan to 2030, with which the company "confirms the strategic vision" but "strengthens investments," which will amount to EUR10.5 billion over the next eight years up EUR200 million from the 2021-2030 Plan.

Among the bearers, who are the majority, Webuild gives up 4.7 percent, Banca Popolare di Sondrio retreats with 4.1 percent, and Credito Emiliano gives up 3.1 percent.

Also hurting are De' Longhi and Juventus, which leave 4.1 percent and 3.7 percent on the parterre.

On the Small-Cap, Il Sole 24 Ore closes on top with 3.9 percent after ending fiscal year 2022 with a "marked improvement" in all economic-financial indicators compared to 2021. Net income is EUR500,000 from a loss of EUR21.0 million in 2021. Net of nonrecurring income and expenses, net income attributable to shareholders of the parent company is positive EUR1.4 million, an improvement from a negative EUR700,000 in 2021.

Consolidated revenues for 2022 are EUR211.6 million up from EUR203.5 million in the previous year.

Pininfarina retreats 0.2 percent. Thursday approved draft 2022 financial statements reporting a net loss of EUR5.0 million worsening from a profit of EUR2.4 million in 2021.

Total consolidated revenues as of December 31, 2022 amounted to EUR72.8 million up from EUR66.8 million a year earlier.

Immsi -- in the red by 0.3 percent -- reported Thursday that it ended 2022 with "the best results ever, setting new records for all indicators," according to the official note. As of Dec. 31, 2022, the company reported a net profit of EUR63.9 million from EUR35.4 million in 2021. The board also proposed a dividend of EUR3.9 cents per share from EUR3 cents in the previous fiscal year.

Revenues rose 24 percent to EUR2.12 billion, up from EUR1.70 billion in 2021, an all-time high for the company.

Among SMEs, TPS Group closed up 1.8 percent. The board approved the draft statutory and consolidated group financial statements as of December 31, 2022 reporting revenues of EUR37.8 million, up slightly from EUR37.6 million in 2021.

Net income is EUR3.7 million, up slightly from around EUR3.6 million in 2021.

Ebitda remains unchanged at EUR7.6 million while Ebit rises slightly to EUR5.7 million from EUR5.4 million.

CY4Gate-which closes in the red by 1.2 percent-has approved consolidated financial statements as of December 31, 2022, which closed with a profit for the year is EUR2.4 million compared to EUR5.2 million for fiscal year 2021.

Revenues from sales and services amounted to EUR56.6 million, an increase of 216 percent compared to December 31, 2021, when they were EUR17.9 million.

At the top is Labomar, which closes up 18 percent.

In New York, the Dow is in fractional green, the Nasdaq gives up 0.3%, and the S&P 500 is just above par.

Among currencies, the euro changes hands at USD1.0760 versus USD1.0897 at Thursday's close. In contrast, the pound is worth USD1.2229 from USD1.2326 on Thursday evening.

Among commodities, Brent crude is worth USD74.46 per barrel versus USD76.64 per barrel on Thursday evening. Gold, on the other hand, trades at USD1,985.13 an ounce from USD1,993.09 an ounce on Thursday night.

On Monday's economic calendar, the IFO index on business confidence in Germany is due at 0900 CET, and at 0900 CET the ECB will release the M3 Money Supply index.

At 1200 CET the data on job seekers in France is expected and at 1800, in the UK, Bank of England Governor Andrew Bailey is scheduled to speak.

Among the companies listed on Piazza Affari, the results of several companies including Cairo Communication, DiaSorin, Giglio Group, Radici, and Gismondi 1754 are expected.

By Chiara Bruschi, Alliance News reporter

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