(Alliance News) - Piazza Affari closed higher in Tuesday's trading, with Saipem and banks leading the highest-capitalization basket while fashion trudged along at the bottom.

Axel Rudolph, Senior Market Analyst at IG, said, "European stock indexes are on track for a second day of gains as more bargain hunters enter the fray, although trading volumes are light ahead of Wednesday's Juneteenth U.S. holiday. This may explain why U.S. indexes are mixed and why there has been little reaction to Citigroup's raising of the S&P 500 year-end target to 5,600 points, U.S. retail sales rising less than expected, and U.S. industrial production rising more than expected."

"Oil prices are on the verge of breaking through significant technical resistance while gasoline and natural gas prices are also rising, the latter by 2.5 percent. Gold and silver prices are mixed while cotton prices fall to a more than three-and-a-half-year low amid prospects for increased supply as favorable weather conditions persist across the U.S. cotton belt."

The FTSE Mib closed Tuesday up 1.2 percent to 33,315.68, the Mid-Cap was up 1.2 percent to 47,216.62, the Small-Cap gained 0.6 percent to 28,709.43, and Italy Growth was up 0.2 percent to 8,073.22.

In Europe, London's FTSE 100 closed up 0.6 percent, Paris' CAC 40 gained 0.8 percent, and Frankfurt's DAX 40 rose 0.3 percent.

On the blue chip list, Saipem recorded the best performance on the list, thanks to a 3.5 percent rise that took the shares to EUR2.09 each at the end of the session.

High quarters also for banks, with rumors about the banking risiko linked to Monte dei Paschi pushing bank stocks. Shares of the World's oldest bank rose 3.3 percent while those of UniCredit gained 2.8 percent.

BPER Banca also did well, up 3.0 percent. DBRS Morningstar on Monday revised its long-term and short-term issuer ratings and Senior Debt ratings from Stable to Positive. "This positive rating action rewards the company's growing ability to generate profitability, improved operating efficiency and lower cost of credit," the company explained in a note.

STMicroelectronics closed up 0.8 percent at EUR40.0650 per share. On the stock, Goldman Sachs revised the target price to ER45.50 from the previous EUR33.00.

Nexi - up 1.4 percent - reported that between June 10 and June 14, it bought back 4.8 million of its own ordinary shares at an average price of EUR6.5.9439 and a total value of EUR28.5 million. Thus, the company holds 14.2 million treasury shares or 1.1 percent of the share capital.

Among the few bearish performers are the two fashion companies, Moncler and Brunello Cucinelli, down 2.7 percent and 0.3 percent, respectively.

On the Mid-Cap, Maire Tecnimont rose 4.1 percent, rearing its head again after three sessions closed down. The company reported Tuesday that Kinetics Technology was awarded an EPC project by Holborn Europa Refineries to build a vegetable oil hydrogenation plant within the Holborn refinery in Hamburg, Germany.

When completed, the plant will produce about 220,000 tons per year of high-quality renewable diesel and sustainable aviation fuel, using waste feedstocks, biomass, and the residues of the agribusiness industry, as well as low-carbon hydrogen.

The plant, which will be operational in early 2027, includes the pretreatment unit, HVO unit, and interconnection infrastructure with existing plants. The contract value is approximately USD400 million.

OVS's buyback program continues, rising 3.8 percent to EUR2.7560 per share. The company bought back its own ordinary shares last week for a total value of EUR2.3 million.

Webuild--up 2.0%--reported that between June 10 and June 14 it purchased 755,000 of its own shares for a total consideration of EUR1.5 million.

Also up was PharmaNutra, up 0.4%. The company announced that it will begin a new step of expansion in foreign markets, specifically in Mexico.

The company's foreign team recently attended the launch event for the three products that will be distributed in Mexico starting this month, following the contract signed in November 2022 with partner SMS Pharma.

On the Small-Cap, Newlat Food rose 2.2 percent to EUR11.24 per share. The stock updated its 52-week high during trading to EUR11.88 per share.

Sogefi - up 11 percent - reported that its board of directors has resolved to propose to the July 18 shareholders' meeting the distribution of an extraordinary unit dividend of EUR0.923, gross of withholding taxes, for each of the outstanding shares with the exclusion of treasury shares held at the record date, for a total estimated amount of EUR110 million.

Zucchi -- up 2.5 percent -- announced Monday that it reported a first-quarter profit of EUR1.2 million from EUR1.9 million in the same period of 2023. As of March 31, consolidated sales stood at EUR29.3 million from EUR33.3 million in 2023.

Among the negative notes, Centrale del Latte d'Italia lost 4.1 percent. On the stock, there was a high trading volume of more than 50,000 changed hands, compared with a three-month daily average of about 7,600

Among SMEs, boost on ISCC Fintech, up 5.7 percent, on the heels of the bullish session on the eve, which closed 1.9 percent higher.

ErreDue - up 1.5% to EUR10.00 - on Tuesday reported that it has signed a new agreement with a Dutch company - active in the development of hydrogen and electric solutions for vehicles to build a 1.5 MW plant. The value of the supply is approximately EUR2 million.

Caribbean Company - up 5.0 percent - reported a loss for 2023, reporting a negative EUR2.9 million from adjusted net income of EUR2.0 million in 2022. Revenues for the period stood at EUR52.8 million from EUR49.7 million as of Dec. 31, 2022.

Among the few negative notes on the list, Cloudia Research lost 5.8 percent, down for the third consecutive session.

In New York, the Dow is down slightly to 38,766.87, the Nasdaq gives up 0.1% to 17,846.17, and the S&P 500 rises 0.1% to 5,478.04.

Among currencies, the euro changes hands at USD1.0747 from USD1.0718 on Monday in closing European equities while the pound is worth USD1.2708 from USD1.2684 on Monday evening.

Among commodities, Brent crude is trading at USD84.77 per barrel from USD83.50 per barrel at Monday's close. Gold, on the other hand, trades at USD2,323.46 an ounce from USD2,312.84 on Monday evening.

Wednesday's macroeconomic calendar features Japan's trade balance, due out at 0150 CEST, and British inflation, due out at 0800 CEST. Two hours later, room for Eurozone current account.

Also for the eurozone, eyes on construction sector output, due at 100 CEST, half an hour before a 30-year German Bund auction and an hour before the Bundesbank's monthly report and Spanish consumer confidence data.

From the US, will come data on 30-year mortgage rates, on a day that will see US stock markets closed for Juneeteth.

Among companies in the stock market, no special events are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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