Stock market: crude oil and Treasuries weigh on Europe; Milan (+0.1 per cent) holds up thanks to oil and ‘Risiko’ -2-

Bringing up the rear are Stellantis and Amplifon

(Il Sole 24 Ore Radiocor) - The Milan Stock Exchange managed to close just above the 52,665-point mark (+0.09%), buoyed, as we mentioned, by the rally in energy shares and a banking sector still driven by market volatility. Leading the FTSE MIB was Eni (+2.9 per cent), which is benefiting directly from the latest rally in crude oil prices; this trend also spread to the rest of the energy and utilities sectors, with Italgas (+1.9 per cent), Snam (+1.2 per cent), Tenaris (+0.7 per cent) and Terna (+0.9 per cent). Lottomatica (+1.6 per cent) and Diasorin (+1.4 per cent) were also among the day’s top performers.

But today was, above all, the day of the extraordinary board meeting at MPS (-0.3 per cent). The board, despite four abstentions, gave the green light to the plan for a dual public offer for BPM (+0.7%) and Banca Generali (+1.3%), a path which, however, appears to be an uphill struggle for traders on the Milan Stock Exchange, if only because, as Intermonte points out, ‘since MPS is subject to the passivity rule, every offer must be approved by the shareholders’ meeting’. Meanwhile, UniCredit is also making gains (+0.5%).

Among the worst performers was Amplifon (-3 per cent), following the second-quarter results of GN Hearing, the division of the Danish company GN Store Nord recently acquired by the Italian group. Stellantis (-3.7 per cent) fell more sharply, bringing up the rear after having been among the top performers in the early stages of the session. Unipol (-2.9%) and Avio (-2.4%) were also weak, with Advent funds considering the purchase of additional shares on top of their existing stake of almost 7% through the planned reserved rights issue.

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