FTSE MIB Ticks Higher

The FTSE MIB edged above 53,700 on Tuesday, hovering near record levels, as markets largely shrugged off another rise in oil prices amid growing uncertainty over prospects for a US-Iran deal. Energy-related shares outperformed, with oil major Eni advancing more than 2%, while oilfield services firm Saipem gained 0.8% and Tenaris, a steel pipe supplier to the petroleum industry, rose 1.4%. Technology-related stocks STMicroelectronics and Prysmian also gained, climbing 0.3% and 0.7%, as the tech sector drew support from news that Intel raised $20 billion through an upsized share sale, while Nvidia announced plans to secure $500 billion in financing for AI infrastructure. Luxury stocks Moncler (+0.8%) and Brunello Cucinelli (+1.4%) also traded higher.

The FTSE MIB closed broadly flat at 53,656 on Monday, as gains in energy and industrial stocks offset losses among utilities. Stellantis led the advance, rising 1.9%, while energy shares outperformed amid higher global oil prices. Eni gained 1.5% and Saipem added 1.4%. Financial stocks were mixed as investors continued to assess consolidation prospects in the sector. UniCredit edged up 0.2% following reports that it held its first formal talks with Commerzbank over managing potential future changes at the German lender. Utilities weighed on the index as European gas prices increased. A2A fell 1.1% after reports that Italy’s energy regulator fined the company €5 million for alleged market manipulation linked to the 2022 European energy crisis. Terna (-1.7%), Italgas (-1.3%) and Snam (-1.2%) were also among the biggest decliners.

The FTSE MIB Index decreased 53 points or 0.10 percent on Monday to close at 53664 points. The decline was led by Italgas (-1.54%), Poste Italiane (-1.36%) and Nexi (-1.34%). On the upside, the strongest performers were Stellantis N.V. (1.71%), Saipem (1.60%) and Amplifon (1.30%).