FTSE MIB Dips as Italian Financials Tumble

The FTSE MIB fell 0.4% to 47,210 on Friday, retreating from intraday record highs as financials dragged the index lower. MPS plunged 6.8% and Mediobanca dropped 6.2% after MPS unveiled a 2030 profit target of €3.7B and announced plans to acquire Mediobanca’s remaining 14% stake and delist it, prompting PM Meloni to declare the government’s role in MPS “has ended.” UniCredit (-1.8%), Intesa Sanpaolo (-0.8%), BPER (-2.4%), and BPM (-3.0%) also declined. Meanwhile, STMicroelectronics fell 1.5% amid AI-driven tech selloffs. On the upside, Eni rose 1.5% as oil prices surged after stalled US-Iran talks, while Leonardo gained 0.7% on geopolitical tensions.

The FTSE MIB Index fell -159 points or 0.34 percent on Friday to close at 47267 points. Leading the losses are Banca Monte dei Paschi di Siena (-6.05%), Mediobanca (-6.02%) and Bper Banca (-2.90%). Top gainers were ERG (4.51%), Prysmian (2.65%) and Saipem (2.64%).

The Italian FTSE MIB rose above 47,400 in early trading on Friday, hitting a fresh record and on track for its eighth consecutive monthly gain, the longest winning streak on record. Gains were led by energy-related industrials, including Eni (+1%) after UBS raised its target price on the stock with a ‘buy’ recommendation. Prysmian and Saipem also advanced more than 3% each. Other notable performers included Telecom Italia (+1.8%) and Buzzi Unicem (+2.1%). On the downside, Mediobanca fell more than 2% after its board met yesterday to continue reviewing and analyzing the proposed merger with Banca Monte Paschi di Siena and the associated share exchange. Monte Paschi di Siena also declined over 2%. On the data front, Italy’s industrial sales rose 3.6% year-on-year and 0.5% month-on-month in December.