Milan’s stock exchange closed in positive territory after over three and a half hours of trading on Thursday, with the benchmark FTSE MIB index gaining 0.4% to reach 41,753 points. The yield spread between Italian 10-year BTPs and their German Bund counterparts widened to 79 basis points. The Italian annual yield rose 1.5 points to 3.5%, while the German yield increased 1.3 points to 2.7%.
Defense giant Leonardo (+1.5%) led the gainers following a rating upgrade to Bbb by Fitch. Insurer Unipol (+1.3%) continued its upward trajectory, recovering above levels seen before an August 7th slump triggered by half-year results. Buying interest also lifted Enel (+1%), Snam (+0.9%), and Poste Italiane (+0.85%). Conversely, Nexi (-0.83%), Amplifon (-0.8%), and Monte dei Paschi (-0.75%) declined, alongside Banco BPM (-0.47%) and Mediobanca (-0.33%). Bucking the banking trend, Unicredit (+0.53%), Intesa Sanpaolo (+0.52%), and Popolare di Sondrio (+0.5%) rose, while Bper remained nearly flat (+0.05%).
Prysmian (+0.8%), Eni (+0.77%), and Saipem (+0.75%) also attracted buyers, with Saipem reportedly in the final stages for an Indonesian contract bid with a local partner. Auto stocks were mixed, with Stellantis gaining (+0.6%) and Ferrari falling (-0.8%).
Among smaller capitalisation stocks, BestBe Holding surged (+7.5%) and Tesellis (formerly Tiscali) jumped (+6%). Fidia (-3.66%) and Comer Industries (-2.66%) dropped significantly. Newcomer Friends debuted strongly on the EGM market for small companies, soaring 33.33%.
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