The last session of the first half of the year continues to be positive in Piazza Affari, awaiting important afternoon data on the American core Pce index for the month of May, the indicator most closely monitored by the Fed for measuring inflation.
Apart from some minor portfolio adjustments at the end of the quarter, European stocks offered little outlook in the first part of the session – with little impact from inflation data in France, Spain and Italy – investors focusing more on the bond front, particularly on French paper ahead of the first round of French elections this weekend.
At around 13:00, the Ftse Mib was up 0.49% after three consecutive sessions of decline, a trend that would allow the main index of the Milan stock exchange to close the week just above par. On the other hand, the monthly and quarterly balances are negative, respectively of the order of -3% and -4%.
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Among the banks which are raising their heads after three letter sessions, Banca Mps stands out by progressing by 2%. The Sienese institute’s file is heating up again with the expiration next week, on July 2, of the lock-up on the residual stake held by the MEF, up to 26.7%.
Among the main risers in the sector were Intesa Sanpaolo, +1.3%, Banco Bpm +0.5%, while Bper lagged, down 0.8%.
The positive trend in oil prices, on the verge of a third consecutive weekly increase, supported the sector’s values with Tenaris up +2.5%, Saipem +1.8% and Eni +0.9%.
Purchases were also made on industrial stocks such as Iveco +2.9% and Leonardo, as well as Brembo (+1.2%), which benefited from the ‘buy’ with which Deutsche Bank initiated coverage on the brake manufacturer.
At the bottom of the Ftse Mib, Brunello Cucinelli lost more than two points on profit-taking after yesterday’s rise, and Terna 1.7%, contrasting with the positive performance of the utilities sector, after Goldman Sachs cut its recommendation on the stock from “neutral” to “sell”.
(Andrea Mandalà, editor Sabina Suzzi)
