Declines are expected at the opening; the focus is on Stellantis

(Alliance News) – Piazza Affari is expected to fall before the start of trading on Monday, a day marked by several incoming macroeconomic data for Italy and the Eurozone.

The FTSE Mib is down 248.5 points or 0.7 percent after closing up 0.5 percent at 33,414.56 on Friday.

London's FTSE 100 is expected to be broadly flat, Paris' CAC 40 is expected to fall by 53.3 points or 0.7% and Frankfurt's DAX 40 is expected to fall by 53.1 points or 0.3%.

On Friday evening in Milan, Mid-Cap rose 0.2 percent to 47,052.26, Small-Cap gained 0.8 percent to 27,332.93 and Italy Growth was up 0, 2 percent to 7,678.22.

That day, all eyes will be on Stellantis, after Carlos Tavares surprisingly resigned as CEO, effective immediately, after months of tension.

The announcement, which was made on Sunday evening, while the stock markets were closed, was welcomed by the board of directors, which has already started the process of appointing a successor, expected by June 2025. In the meantime, management will be entrusted to a new executive committee chaired by John Elkann.

Mr Elkann thanked Mr Tavares for his work, highlighting his crucial role in consolidating Stellantis as a global leader, following successes with PSA and Opel. He also reiterated his commitment to pursuing the company's strategy in the long-term interest of shareholders and stakeholders.

Meanwhile, on Friday evening, on Piazza Affari's list of largest caps, Amplifon took the lead at the end of the session, up 2.3%, followed by STMicroelectronics, which gained 2.2%.

Telecom Italia closed at the bottom of the pack, down 1.5%. The former monopolist announced on Friday that it had banked €250 million from the sale of its remaining 10% stake in Inwit to Ardian, which ended the day on even footing.

The transaction, the signature of which was revealed to the market on August 13, is based on a valuation of Inwit shares of EUR 10.43 and, taking into account the existing net debt at Daphne 3 level, results in a proceeds of 'around 250 million EUR for TIM, which is not included in the organic net debt guidance for 2024.

Nexi lost 0.1% as the point-of-sale payment and ATM withdrawal system was down in Italy, due to a problem apparently caused by Worldline.

Nexi said: “Regarding the serious incident communicated yesterday by Worldline, which generated major disruptions in several banks in Europe and in particular in Italy, at present the problem has not yet been resolved by Worldline.

“Worldline has indicated that it is working to identify potential alternative solutions to reactivate services, pending the restoration of damaged physical infrastructure. At this time, we have not yet received firm information on the timetable for resolving the problem.

BPER Banca – up 1.0% – announced on Thursday its intention to prepay Banca Carige's 2029 bond – a prepayable fixed rate Tier II bond.

The repayment will be made at par for 200.0 million euros, plus interest accrued until the repayment date. Once the transaction is completed, the bond will be removed from the DomesticMOT list.

In the midcap market, Digital Value rose 1.9%. The stock has gained just under 50% over the past month.

Acea – up 1.1% – announced on Thursday that it had won the tender for the management of the integrated water service in the Ato Ovest Provincia di Imperia area, with an estimated value of 1 .0 billion euros. Through Acea Molise, a 100% subsidiary of the group, Acea will acquire 48% of the new mixed public-private company Rivieracqua, which holds the concession until 2042.

Mondadori closed up 0.2%. According to a report from Il Sole 24 Ore on Friday, negotiations for the acquisition of Lattes Editori, a well-known Turin publisher specializing in books for secondary schools, have stalled after months of negotiations.

On the small cap side, Tesmec continued its rally, up 7.1%, for its third consecutive bullish session.

CY4Gate – up 3.8% – announced on Friday that it had signed contracts worth a total of around 1.2 million euros with leading Italian corporate and institutional clients to acquire solutions in the areas of cybersecurity and forensic intelligence.

doValue stock closed up 2.5%. SIH Partners reduced its short position in the stock to 0.79% from 0.80%.

Among SMEs, the Soges Group rose 1.0% after its board of directors approved a transaction that includes the acquisition of the entire share capital of Hôtel Bretagna and, indirectly, its wholly-owned subsidiary % Incorsi.

RedFish LongTerm Capital – down 0.8% to EUR 1.20 – approved the issuance of the first tranche of the “6% Sustainable Growth 2024-2029” bond, amounting to €2.6 million 'EUR out of a total of 15 million EUR.

Consisting of 103 bonds with a nominal value of EUR 25,000 each, the tranche will be issued on December 2 and will mature on December 1, 2029, with a gross annual interest rate of 6%, paid monthly. At the same time, the company accepted a partial repayment of 2.5 million euros of the “TV Eur + 500bps 2022-2025” loan, as part of an agreement signed on November 28.

Gentili Mosconi closed in balance after announcing its results for the first nine months of the year on Thursday, reporting consolidated turnover of 31.2 million euros, up from 37.0 million euros for the same period of 2023, a drop of 16%.

The Reway group – unchanged at the end of the day – announced on Friday that its subsidiary Gema – one of the main operators of infrastructure maintenance and civil engineering works in the railway sector – had won two new contracts in the railway sector of 'a total value of 56 million euros.

The first contract, awarded entirely to Gema by Rete Ferroviaria Italiana and with a total value of approximately 45.6 million euros, concerns the executive design and construction of sound attenuation works along the Bologna- Lecce in the municipality of Tortoreto, Teramo.

In Asia, the Nikkei was up 0.7% at 38,474.45, the Shanghai Composite gained 0.8% to 3,353.28 and the Hang Seng rose 0.2% to 19,461.29.

In New York, the Dow closed 0.4% higher at 44,910.65 on Friday, the Nasdaq rose 0.8% to 19,218.17 and the S&P 500 gained 0.6% to 6,032. .38.

Among currencies, the euro changed hands at $1.0527 from $1.0556 as European stock markets closed Friday. The pound was worth 1.2694 USD against 1.2703 USD on Friday evening.

Among raw materials, a barrel of Brent is worth 72.36 dollars against 73.38 dollars at the close on Friday. Gold traded at USD 2,632.25 per ounce compared to USD 2,655.54 per ounce on Friday evening.

Monday's macroeconomic calendar includes manufacturing PMIs from Spain, Italy, France, Germany, the Eurozone and the United Kingdom, expected between 0915 CET and 1030 CET.