FTSE MIB Decline

The FTSE MIB Index dropped 528 points or 1.06 percent on Friday to close at 49474 points. Losses were led by Amplifon (-15.06%), Technoprobe (-9.40%) and STMicroelectronics (-5.37%).

Milan’s FTSE MIB closed 1% lower at 49,501 on Friday, snapping a five-day winning streak, weighed down by weakness in tech shares. AI-relates stocks tumbled, tracking its peers in the US in a renewed selloff across the sector. Technoprobe (-9%), STMicroelectronics (-5.3%) and Prysmian (-3.9%) all fell sharply. Stellantis fell 1.9%. Amplifon plunged 14.5% as it failed to revise its guidance upwards, although its quarterly results were broadly in line with expectations. Financial stocks remained focused on MPS's (-0.7%) shareholder meeting on Thursday, where the dual takeover bid was rejected alongside Mediobanca's bid. Unicredit, BPER Banca, Intesa and Banca Medionalum all fell over 1%. Avio also fell sharply by 3.3%. On the other hand, energy firm ENI rose 0.9%, tracking higher oil prices. Utility distributors Snam, Italgas and Terna all advanced 0.7% as European gas prices rose. Luxury stocks also rose, led by Moncler (2.4%). For the week, the benchmark rose by around 1.9%.

Milan’s FTSE MIB fell over 1% to around 49,500 on Friday, snapping a five-day winning streak as weakness in technology stocks weighed on the index. Concerns over returns from massive AI-related spending pressured global technology shares, with Technoprobe plunging 5.5% and STMicroelectronics dropping 3.9%. Tech-related firm Prysmian also fell 2.8%. Amplifon tumbled more than 12%, despite stronger third-quarter adjusted profitability, as weaker nine-month reported net profit weighed on sentiment. Automaker Stellantis slid 3.3%. Banks also traded lower, with UniCredit down 1.6%, BPER Banca falling 1.4% and Intesa Sanpaolo shedding 1.2%. On the upside, Campari gained 2%, Inwit advanced 1.1% and Eni rose 1.3%. The benchmark remained on track for a weekly gain but was heading for a second consecutive monthly decline.