Stock market: Fed tightening on the horizon but Europe is bouncing back, with Milan (+1.36%) leading the way -2-
(Il Sole 24 Ore Radiocor) - On the Milan Stock Exchange, as we mentioned, Avio was the top performer (+3.9 per cent). The aerospace group ended the first half of the year with a net profit of €9.2 million, compared with a loss of €187,000 a year earlier. The company also confirmed its 2026 guidance and indicated that the completion of Advent’s investment in the company’s capital is imminent. Moncler is rebounding (+2.5%), following the opening of the brand’s largest shop in the world on Fifth Avenue in New York. According to Mediobanca, the opening “represents an important step in the brand’s expansion plan in the United States, which currently accounts for around 14 per cent of the group’s total revenue”.
But the spotlight remains largely on the banks. In Milan, amongst others, Mediobanca (+2.4 per cent), MPS (+2.4 per cent), Intesa Sanpaolo (+2.5 per cent) and UniCredit (+1.6 per cent) are up. Intesa is benefiting both from shareholders’ approval of the capital increase for the takeover bid for Mps and from a report by Goldman Sachs, which speaks of ‘greater scope for positive revisions to the net interest margin in the medium term’, based on higher interest rates, a recovery in demand for credit and a greater contribution from deposit hedging. In general, the outlook for net interest income has underpinned the sector across Europe.
Money then flowed into Prysmian (+2.9%), which has successfully completed its 850 million capital increase, placed at an accelerated pace with institutional investors; the proceeds will be used to partially finance the acquisition of Atkore, valued at $3.8 billion in terms of enterprise value. TIM also performed well (+1.8%), whilst the first tranche of Poste’s OPAS closed (+1.9%). On the eve of the deadline, acceptance rates had exceeded 20 per cent according to Borsa Italiana, whilst the offer will resume between 21 and 25 September.
Bringing up the rear were Saipem (-1.2 per cent), with oil companies feeling the impact of the fall in crude oil prices, and Lottomatica (-0.6 per cent), which saw profit-taking following the rally of recent sessions. Outside the FTSE MIB, Cy4Gate surged (+4.1%) following its first-half results and an upward revision of its guidance.
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