FTSE MIB Nearly Flat

The FTSE MIB was flat to slightly lower around 53,600 on Friday, remaining range-bound after scaling record highs earlier this week. Sentiment remained cautious as markets continued to assess developments in the Middle East after the US threatened an indefinite naval blockade of Iran, reviving concerns about crude supply. Losses across the bourse were led by declines in utilities and technology shares, with Enel down 1.9%, Terna falling 1.4% and Italgas declining 1.3%. Technology stocks also declined, led by STMicroelectronics, which fell 1.7%, while Prysmian lost 1.0%. Meanwhile, banking shares were mostly lower, with UniCredit down 0.4%, Banco BPM falling 0.5%, BPER Banca losing 0.5% and Banca Mediolanum declining 0.3%, while Intesa Sanpaolo edged up 0.2% and Monte dei Paschi was nearly flat. For the week, the benchmark index is heading for a modest decline.

The FTSE MIB closed little changed at 53,693 on Thursday, remaining in a narrow range after reaching record levels earlier in the week, as positive developments across sectors offset broader macroeconomic concerns. Saipem rose 3.6% after securing a $2 billion offshore contract in the Middle East. Nexi advanced 2.4% following reports that CDP is preparing to increase its stake to 29.9%, becoming the company’s largest shareholder without launching a takeover bid. UniCredit gained 0.8% amid reports that the ECB is leaning toward approving its takeover bid for Commerzbank, with the stock reaching its highest level in nearly 17 years. On the downside, uncertainty over Middle East peace talks kept energy markets volatile, with oil and natural gas prices remaining elevated. Unipol, Inwit and Moncler fell less than 1%. Eni slipped 0.9%, tracking lower global oil prices. In turn, utilities extended their recent decline.

The FTSE MIB Index decreased 5 points or 0.01 percent on Thursday to close at 53693 points. The decline was led by Unipol Gruppo (-1.41%), Infrastrutture Wire (-1.32%) and Assicurazioni Generali (-1.13%). On the upside, the strongest performers were Saipem (3.27%), Fincantieri (2.52%) and Nexi (2.46%).