The FTSE MIB Index Closes 1.43% Higher

The FTSE MIB Index gained 709 points or 1.43 percent on Monday to close at 50220 points. Gains were led by Avio (7.20%), Nexi (6.93%) and Amplifon (3.91%).

Italy’s FTSE MIB climbed 1.4% to a record close of 50,220 on Monday, supported by a sharp drop in oil prices amid growing expectations that the US and Iran were nearing an agreement to reopen the Strait of Hormuz. Crude prices fell below $100 per barrel after senior US officials indicated that both sides were close to restoring the key Middle East shipping route, although final approval could still take several days. Lower oil prices eased inflation concerns and prompted investors to scale back expectations for further interest rate hikes. Financial stocks led gains, with UniCredit rising 2.7% and Intesa Sanpaolo adding 2.2%. Luxury shares also advanced as risk aversion eased, with Ferrari up 2.8% and Moncler gaining 3.1%. Other notable gainers included Stellantis (+2.9%) and Prysmian (+2.1%). Nexi surged 6.5% after state-backed investor CDP Equity announced plans to increase its stake in the payments group to as much as 29.9%. In contrast, Eni fell 1.1% on lower oil prices.

Italy’s FTSE MIB index climbed to an all-time peak of 50,114 points on Monday before trimming some gains, as crude oil prices tumbled on growing expectations that the US and Iran were close to a deal to reopen the Strait of Hormuz. Brent crude fell nearly 6% to below $100 a barrel after senior US officials indicated on Sunday that both sides were nearing an agreement to restore the critical Middle East shipping route, though final approval could still take several days. The decline in oil prices soothed some inflation fears, leading investors to scale back expectations for interest rate hikes. However, money markets still anticipate two European Central Bank rate increases before the end of the year. Among individual stocks, Nexi surged over 6% after state-backed investor CDP Equity announced plans to raise its stake in the payments group to as much as 29.9%.