(Alliance News) - Another positive day ended for European stock exchanges, which continued to gain momentum on Wednesday after the upheaval of the past two weeks that began with the collapse of Silicon Valley Bank, in the U.S., and continued in the Old Continent with UBS Group's purchase of Credit Suisse.

Meanwhile, "oil continues to rally from its March lows, but it is far from clear whether this short-covering rebound can be sustained in the medium term. Demand forecasts have not really improved, and with no sign of production cuts coming, the general bearish environment still seems to prevail for now," comments Chris Beauchamp, chief market analyst at IG.

Thus, the FTSE Mib, closed in the green by 1.6 percent at 26,739.01, the Mid-Cap rallied 1.7 percent to 42,955.54, the Small-Cap advanced 0.9 percent to 29,816.69, and Italy Growth finished just above par at 9,338.81.

In Europe, Paris' CAC 40 closed in the green by 1.3 percent, London's FTSE 100 up 1.1 percent as did Frankfurt's DAX 40.

On the predominantly bullish main list of Piazza Affari, STMicroelectronics, Banca MPS and Banco BPM led, up 6.3 percent, 5.8 percent and 3.7 percent, respectively.

UniCredit -- in the green by 0.6% -- reported Tuesday that the European Central Bank has authorized the EUR3.34 billion share buyback program.

Now, the ball is in the court of UniCredit's shareholders, who will decide on March 31 whether to give the green light to the program, which, if so, will be executed in two tranches of EUR2.34 billion and EUR1.0 billion, with the latter expected to start in the second half of 2023, shortly after the completion of the first tranche.

Cassa Depositi e Prestiti is set to raise its bid for Telecom Italia's network--which closes up 0.9 percent--by EUR2 billion, Bloomberg News reported on Tuesday, citing sources close to CDP.

Only four stocks are in the red, DiaSorin, Iveco Group, Tenaris, and Recordati, ending down between 2.0% and 0.2%.

On the Mid-Cap, Buzzi Unicem--which closes up 2.4 percent--reported Wednesday that it closed 2022 with a profit of EUR458.8 million down from EUR542.3 million in 2021. The board also approved a proposed dividend of EUR0.45 per share. Consolidated sales increased to EUR4.00 billion from EUR3.44 billion in 2021.

The board of Technogym -- up 3.0 percent -- on Wednesday reviewed and approved the consolidated annual financial report that closed with an adjusted profit of EUR66.1 million, up EUR14.9 million from EUR51.2 million in 2021. The board also proposed the distribution of a dividend of EUR0.25 per share totaling EUR50 million. During the previous fiscal year, the dividend was EUR0.16 per share.

On the Small-Cap, Servizi Italia -- up 1.6 percent -- reported Wednesday that it had inaugurated the group's first sterilization plant in the state of São Paulo, Brazil.

KME Group ends up 23 percent after reporting that it ended 2022 with operating income down to EUR7.4 million from EUR67.9 million a year earlier.

Significant declines were also reported for pretax profit, down to EUR4.3 million from EUR63.9 million, and net income, down to EUR5.2 million from EUR65.3 million.

Mondo TV - in the green by 0.3 percent - reported Tuesday that it had concluded a new licensing agreement with Sixty2 Pictures SDN BHD, a Malaysian company based in Petaling Jaya, to broadcast the second season of MeteoHeroes in Malaysia on the free-to-air public TV channel RTM.

Among SMEs, Valtecne - up 1.6 percent - approved results for the year ended Dec. 31, 2022 reporting a net profit of EUR2.5 million up 31 percent from EUR1.9 million in 2021.

Notorious Pictures gives up 1.3 percent after approving its results for the year ended Dec. 31, 2022 on Wednesday, reporting a consolidated net profit of EUR4.4 million from EUR3.6 million in the same period last year.

Bene Innovatec, which ends in the green by 4.9 percent after reporting Wednesday that it closed 2022 with a net profit of EUR10.6 million, up 71 percent from EUR6.4 million a year earlier.

ABP Nocivelli closes up 3.5 percent. The company on Wednesday approved its consolidated half-year report as of December 31, 2022, reporting a net profit of EUR5.9 million from EUR5.0 million and up 18 percent from the same period last year.

Revenues stood at EUR41.8 million from EUR23.8 million as of December 31, 2021 and up 76 percent.

Labomar -- flat at EUR8.9 percent -- reported Wednesday that it ended 2022 with a net profit of EUR6.0 million, down from EUR8.3 million a year earlier.

The Labomar group's 2022 revenues are EUR91.8 million, a significant increase of 40 percent from the EUR65.4 million consolidated revenue achieved in 2021.

Grifal's board of directors -- flat at EUR2.65 per share -- on Tuesday approved the financial report as of Dec. 31, 2022, which closed with a net profit of EUR432,047, compared with a loss of EUR836,502 in the previous year.

In New York, the Dow Jones is in the green by 0.6 percent, the S&P is up 1.0 percent while the Nasdaq advances with 1.3 percent.

Among currencies, the euro changes hands at USD1.0836 versus USD1.0845 at Tuesday's close. In contrast, the pound is worth USD1.2316 from USD1.2345 on Tuesday evening.

Among commodities, Brent crude is worth USD79.03 per barrel versus USD79.02 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,967.25 an ounce from USD1,967.25 an ounce at Tuesday's close.

On Thursday's economic calendar, at 0900 CET, the producer price index from Spain will come out, along with retail sales.

At 1000 CET, Italy's monthly unemployment rate and the monthly ECB report are expected.

At 1100 CET, from Italy will come the producer price index while several Eurozone macros will come out, including the business health indicator, consumer confidence and sentiment from the services and industrial sectors.

At 1110 CET, auctions of Italian 5- and 10-year BTPs are scheduled.

In the afternoon, at 1430 CET, GDP and unemployment claims will come out from the US.

At 1730 CET, the Italian producer price index for February is expected to arrive.

In Piazza Affari, the results of many companies including Arterra Bioscience, BFC Media, Bialetti Industrie, Clabo, and Compagnia dei Caraibi are expected.

By Chiara Bruschi, Alliance News reporter

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