Mib Drops to 42,700; Campari Attempts Recovery

(Alliance News) — European stock markets opened lower on Tuesday, continuing their pullback from recent highs as profit-taking slowed the momentum of the rally seen in recent weeks. Weak manufacturing data from the United States and uncertainty over future Federal Reserve moves are dampening investors' risk appetite.

The Mib opened down 1.0% at 42,771.64 points.

Among the smaller indices, the Mid-Cap fell 1.1% to 56,937.34, the Small-Cap lost 0.8% to 35,993.94, and Italy Growth slipped 0.3% to 8,654.13.

Elsewhere in Europe, Paris's CAC 40 was down 1.3%, Frankfurt's DAX 40 retreated 1.5%, while London's FTSE 100 dropped 0.7%.

On the Mib, Campari stood out among the few gainers, opening the session up 2.8%. The stock had lost 2.4% to EUR5.89 on Monday, following the preventive seizure of shares worth EUR1.3 billion ordered by the Guardia di Finanza against Lagfin, the Luxembourg-based holding company of the Garavoglia family, which controls the group. The measure, ordered by the Monza prosecutor's office, concerns an alleged failure to pay the "exit tax" related to the 2018 merger, with a taxable base of EUR5.3 billion.

Lagfin insists it has complied with the law, stressing that the measure does not affect its control over Campari, which remains above 80% of voting rights. According to Equita, the investigation concerns only Lagfin's stake and does not involve the operating company itself.

UniCredit — down 1.2% — announced Tuesday that it bought back 1.2 million of its own ordinary shares between October 27 and 31. The shares were acquired at an average price of EUR63.0655 each, for a total consideration of EUR77.1 million.

Lottomatica's board — down 0.7% — approved its nine-month results on Monday evening, closing the period with adjusted net profit of EUR257.4 million. In the first nine months, turnover reached EUR32.5 billion, up 17% from the same period in 2024. Online turnover grew 26%. GGR stood at EUR3.45 billion, marking a 10% increase compared to the first nine months of 2024.

BPER Banca — down 1.2% — announced Tuesday its intention to proceed with early repayment of the "Euro 400,000,000 Fixed Rate Tier 2 Subordinated Callable Notes" bond, originally due to mature on November 30, 2030. The redemption date is set for November 30 this year, five years ahead of the scheduled maturity.

On the Mid-Cap segment, Juventus FC was the only gainer after three consecutive losing sessions.

Webuild — down 2.0% — reported Monday that S&P Global raised its rating to BB+ with a stable outlook, up from BB. The company noted that this is the second upgrade from S&P during its 2025 industrial plan, "confirming the strength of the industrial model, the group's strategic vision, and its economic and financial performance even in complex macroeconomic contexts."

Banca Ifis — down 1.5% — announced Monday that the board of illimity Bank has accepted Banca Sella Holding's offer to acquire 50% of Hype's share capital. The offer, subject to regulatory approval expected by early 2026, values the deal at EUR85 million. According to the company, the transaction would provide Banca Ifis with a capital benefit of approximately 55 basis points in terms of CET1.

At the bottom of the list, BFF Bank dropped 3.0% to EUR10.57 per share, after three sessions of gains.

On the Small-Cap index, Softlab performed strongly, rising 7.0%, following a 3.6% gain in the previous session.

Landi Renzo advanced 2.3%, positioning itself for its sixth straight session closing with a bearish candle.

Dexelance — down 2.6% — continued its buyback program. On Monday, the company reported that between October 27 and 31, it bought back 7,382 of its own ordinary shares at an average price of EUR6.1122 each, for a total of about EUR45,000.

Fidia fell 5.2%, marking its fifth consecutive losing session if confirmed at close.

Among SMEs, Gambero Rosso rose 3.2%, building on a 0.8% gain the previous day and trading around EUR0.25.

Nusco — not yet traded — reported Monday that as of September 30 it had preliminary consolidated revenues of EUR37.1 million, compared to EUR37.8 million in the same period last year. As of September 30, the group's order backlog stood at EUR17.9 million, down from EUR18.5 million on September 30, 2024.

Xenia Hotellerie Solution — also not yet traded — reported Monday that in the first nine months it posted revenues of EUR52.2 million, up from EUR42.6 million as of September 30, 2024. In the third quarter, the company reported revenues of EUR18.8 million, compared to EUR15.1 million in the same period last year. The company said the revenue growth aligns with overall revenue trends and with the total revenue forecast in its 2028 plan.

In New York last night, the Dow Jones lost 0.5%, the Nasdaq gained 0.5%, and the S&P 500 added 0.2%.

In Asia, the Nikkei fell 1.7%, the Shanghai Composite closed down 0.4%, while the Hang Seng ended 0.8% lower.

On the currency front, the euro was trading at USD1.1523 versus USD1.1528 at Monday's equity close, while the pound was at USD1.3106 from USD1.3145 Monday evening.

Among commodities, Brent crude traded at USD64.10 per barrel compared to USD65.03 at Monday's close, while gold stood at USD3,997.28 per ounce from USD3,999.41 per ounce Monday evening.

On Tuesday's economic calendar, Spain's unemployment figures are due at 0900 CET, followed by a new speech from ECB officials at 1100 CET.

Bank of England's Breeden is scheduled to speak at 1400 CET, while US import and export data will be released from 1430 CET.

At 1800 CET, Italian car registration data is due, while the US oil inventory report is expected at 2230 CET.

At Piazza Affari, results are expected from Anima Holding, Generali, BPER Banca, DiaSorin, Leonardo, Mediobanca, Telecom Italia, Snam, and other companies.

By Maurizio Carta, Alliance News Reporter

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