The FTSE MIB Index Closes 0.00% Higher

The FTSE MIB Index gained 2 points or 0.00 percent on Friday to close at 52668 points. Gains were led by Stellantis N.V. (4.11%), Avio (2.55%) and Brunello Cucinelli (2.33%). Biggest losers were Tenaris (-2.40%), Mediobanca (-1.70%) and Leonardo SpA (-1.67%).

The FTSE MIB closed largely unchanged at 52,668 on Friday, as merger activity drove a mixed performance among heavyweight financials. MPS fell 1.3% after announcing plans to bid for Banco BPM (-0.4%) and Generali-controlled Banca Generali (-0.4%) in deals worth a combined €34 billion, seeking to fend off rival Intesa Sanpaolo’s (-0.7%) takeover bid. MPS is also still in the process of absorbing Mediobanca (-1.8%), with CEO Lovaglio facing the challenge of winning over investors in the target, including Crédit Agricole. BPER Banca (-0.1%), Unipol (0.9%) and UniCredit (0.3%) were also affected by the ongoing consolidation activity. Meanwhile, energy stocks traded lower, led by Tenaris (-2.4%), while Eni (-1.7%) and Saipem (-0.8%) also declined. On the upside, Stellantis gained 4.1%, while Avio advanced 2.6% after Goldman Sachs further increased its aggregate stake in the company. Brunello Cucinelli (2.3%) and Ferrari (1.9%) also advanced, recovering from the previous session’s losses.

The FTSE MIB rose to around 52,800 on Friday, following a nearly flat session on Thursday, with heavyweight financials remaining in focus amid ongoing merger and takeover activity. Monte dei Paschi di Siena launched €34 billion in all-share offers for Banco BPM and Banca Generali, aiming to create a larger banking group and counter Intesa Sanpaolo’s takeover bid for MPS. MPS gained 0.8%, while Banco BPM and Banca Generali fell 0.8% and 2.9%, respectively. Meanwhile, Avio rose 0.2% after private equity firm Advent International said it was considering buying additional shares, on top of the roughly 7% stake it will acquire through a planned reserved share issue. Other notable gainers included technology stocks STMicroelectronics and Prysmian, both up nearly 2%, while automakers Ferrari and Stellantis gained 0.9% and 1.4%, respectively. For the week, the index is heading for a second straight decline.