FTSE MIB Edges Up on Easing Oil Prices

The FTSE MIB Index rose 11 points or 0.02 percent on Monday to close at 44328 points. Leading the gains are STMicroelectronics (2.66%), Banca Generali (1.14%) and A2A (1.11%). Top losers were Amplifon (-13.57%), MFE-MediaForEurope (-7.78%) and Nexi (-6.30%).

The FTSE MIB inched 0.1% higher to close at 44,347 on Monday as pessimistic corporate news limited the impact of less pessimism to the macroeconomic backdrop. Oil declined after some LPG tankers crossed the Strait of Hormuz, reducing concerns of prolonged supply disruption. The BTP-Bund spread narrowed, easing pressure on financial companies with Generali rising 1.2%. STMicroelectronics led gains with a 2.6% rise on support from gains across chip producers worldwide. Meanwhile, Amplifon plunged over 14% after announcing it agreed to buy the hearing aid division of GN Store Nord.

The FTSE MIB fell 0.4% to around 44,130 in early trading on Monday, marking a fourth consecutive session of losses as hostilities in the Middle East continued to weigh on investor sentiment. The US-Israeli conflict with Iran has now entered its third week with no signs of easing, keeping oil prices elevated and complicating the outlook for inflation. Shares of UniCredit declined 1.5% after the bank said it was launching an offer to increase its stake in Commerzbank to more than 30%, although it does not expect the move to give it full control. Amplifon also shed more than 5%, despite announcing plans to acquire the hearing-aid business of GN Store Nord A/S. Other notable decliners included Snam (-1.0%), FinecoBank (-1.0%), Telecom Italia (-1.1%), Stellantis (-1.7%), and Nexi (-1.7%).