The FTSE MIB Index Closes 0.20% Lower

The FTSE MIB Index dropped 110 points or 0.20 percent on Friday to close at 53584 points. Losses were led by Enel (-2.00%), Prysmian (-1.95%) and STMicroelectronics (-1.84%). Offsetting the fall, top gainers were Fincantieri (3.20%), Amplifon (2.48%) and Lottomatica (1.64%).

The FTSE MIB edged down 0.2% to 53,583 on Friday, as geopolitical uncertainty weighed on utilities while lifting defense stocks. Chip stocks declined on profit-taking ahead of Unitree’s IPO, with Prysmian falling 2% and STMicroelectronics 1.9%. Utilities underperformed as higher European gas prices pressured margins. Enel fell 2%, suffering from a lar firm seeking more than $3 million in legal fees. Italgas fell 1.6%. Defense stocks gained amid elevated tensions, with Fincantieri rising 3.2% on expectations of a key role in efforts to revitalize US shipbuilding, while Leonardo added 1% after Deutsche Bank reiterated its “Buy” rating. Amplifon advanced 2.5% after completing the sale of its Indian business to Hearzap. Consolidation prospects continued to drive financials, with MPS (0.7%) and Intesa Sanpaolo (0.6%) rising after Italy’s prime minister expressed hopes that MPS would not be “dismembered” following Intesa’s takeover bid.

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.