FTSE MIB Rises on Wednesday

Italy’s FTSE MIB rose 0.3% to 49,200 on Wednesday, after briefly hitting a five-month low in the previous session, as gains in technology, energy and industrial stocks lifted the index. Prysmian advanced 2.6%, while Technoprobe climbed 2.7% and STMicroelectronics gained 1.6%. Among energy shares, Eni added 1.4%, while its Norwegian subsidiary Vår Energi reported a doubling of third-quarter operating profit and raised its dividend. Saipem also rose 1.5%, while Moncler went up 1% ahead of its third quarter results. However, losses in utilities and banks limited the advance, with Enel down 0.9% and UniCredit and Intesa Sanpaolo falling 0.3% and 0.2%, respectively. Other laggards were Nexi, which dropped 1.4%, and Stellantis, which lost 0.2%.

The FTSE MIB Index fell 15 points or 0.03 percent on Tuesday to close at 49071 points. Leading the losses are Saipem (-3.83%), Technoprobe (-3.58%) and Prysmian (-2.47%). Top gainers were Infrastrutture Wire (2.92%), Amplifon (2.23%) and Italgas (2.05%).

Milan’s FTSE MIB closed largely unchanged at 49,071 on Tuesday, as oil prices declined sharply late in the session amid new efforts of de-escalation in the Middle East conflict. Sovereign yields eased, offering some relief to banks, although financials traded mixed amid discussions of a sector contribution to state finances. Intesa’s CEO (-0.4%) criticised the plan, noting that the sector had already committed to a three-year contribution last year. MPS rose 0.3%, while Intesa remained confident in its takeover bid. Falling European gas prices boosted utilities, with Inwit (2.4%) leading gains. Stellantis fell 0.7% while European automakers agreed to an 87.5% emissions reduction target by 2035 with the EU. Luxury remained under pressure, led by Brunello Cucinelli (-1.7%). Tech Technoprobe (-3%) and Prysmian (-2.6%) also declined. Defence Fincantieri fell 0.6%. Energy-related Saipem fell 4.3%, while Eni (-0.7%) reversing initial gains linked to a potential increase in its share buyback.