The FTSE MIB Index Closes 2.54% Lower

The FTSE MIB Index rose 175 points or 0.36 percent on Friday to close at 48559 points. Leading the gains are Eni (5.82%), Tenaris (4.45%) and Saipem (3.89%). Top losers were Stellantis N.V. (-6.62%), Moncler (-2.70%) and Brunello Cucinelli (-2.01%).

Italy's FTSE MIB closed 0.4% higher at 48,559 on Friday but held near a May low, as gains in energy offset losses in AI, auto and luxury. Energy shares rallied as global oil prices continued climbing, with Tenaris (4.5%) and Saipem (4.2%) advancing. Eni surged 5.8% after beating earnings estimates and announcing plans to expand its buyback this year, buoyed by soaring refining margins. A late-session rally in financials lifted Milan further, with Banco BPM (1.1%) and MPS (0.8%) leading gains, although Banca Mediolanum and Unipol each fell 1.1%. Weaker Chinese demand weighed on autos and luxury, reflected in a third-quarter loss at Volvo and declining sales at Gucci. Moncler tumbled 3.2%, Brunello Cucinelli fell 2%, and Ferrari dropped 1.3%. Stellantis plunged 6.3% after announcing a collaboration with Nvidia and Wayve to explore AI-driven driving. AI-related shares remained under pressure, led by Technoprobe (-3.6%). Despite the upside, the benchmark dropped around 2.5% over the week.

Italy’s FTSE MIB extended its losses to around 48,300 on Friday, hovering near its lowest level since May, as losses in luxury stocks offset gains in energy shares. Eni climbed more than 3% after reporting third-quarter adjusted net profit of €2.8 billion, more than double the year-earlier figure, and announcing a €1.3 billion special dividend and an increase in its share buyback programme. Tenaris and Saipem also advanced 1.8% and 1.5%, respectively. On the downside, Moncler fell 2.1% and Brunello Cucinelli dropped 1.9%, as recent disappointing earnings from regional peers dampened hopes for a recovery in the sector. Automotive stock Stellantis also fell 2%. Investors also monitored developments in Italy’s banking sector ahead of an October 29 MPS shareholder meeting on its proposed merger with Mediobanca, amid reports of potential opposition from Banco BPM stakeholders. For the week, the benchmark index was on track to decline around 3%.