(Alliance News) - On Tuesday, major European stock markets confirmed expectations and opened in positive territory on a quiet day in macroeconomic terms, except for the London Stock Exchange.

Thus, the FTSE Mib opens in the green by 0.2 percent to 34,820.43, the Mid-Cap is up 0.2 percent to 48,410.36, as is the Small-Cap to 29,208.16 while Italy Growth is up 0.5 percent to 8,304.34.

In Europe, Paris' CAC 40 is in the green by 0.2%, London's FTSE100 gives up 0.1% and Frankfurt's DAX 40 rises 0.3%.

In macroeconomic news, wholesale prices in Germany fell 1.8% year-on-year in April, easing from the previous month's revised 2.6% decline, according to data released by the Federal Statistical Office on Tuesday.

The decline was mainly attributed to declines in the prices of chemicals, cereals, unprocessed tobacco, seeds and feed, metals and metal ores, waste and scrap, and milk, dairy products, eggs, and edible fats and oils.

Back in Milan, on the Mib, Iveco Group does best of all, taking the top spot and rising 1.7 percent. Telecom Italia follows with a green of 1.0%, while Intesa Sanpaolo, up 0.9%, closes the podium, as does Banca Monte dei Paschi di Siena.

Up 0.1 percent is Saipem, which last week reported that its subsidiary Saipem Finance International had successfully completed the placement of a new fixed-rate nonconvertible and unsubordinated bond for a total amount of EUR500 million maturing in May 2030. The bonds pay an annual coupon of 4.875 percent and have a 100 percent re-offer price. The issue date is scheduled for May 30, 2024.

Leonardo is also in the green by 0.1 percent after announcing Friday that it has signed a framework agreement with operator PHI Group for 12 AW189 helicopters to support the global energy market starting in 2025. The agreement, which consists of orders and options, also includes a support partnership, with a service contract, an MRO contract - maintenance, repair and overhaul - and training solutions for the AW139 and AW189 models.

Among the bearish performers is Prysmian, which sits at the bottom with a 1.0 percent loss, preceded by energetic Terna, Snam, and A2A, down between 0.3 and 0.2 percent.

On the cadet segment, Fincantieri rises 0.7 percent after announcing Friday that the U.S. Department of Defense awarded the U.S. subsidiary, Fincantieri Marinette Marine, the EUR1.00 billion-plus contract to build the fifth and sixth "Constellation" class frigates for the U.S. Navy.

The contract for the first frigate and option for an additional nine ships, signed in 2020, has a total value of about EUR5.5 billion and includes after-sales support and crew training.

Maire Tecnimont gives up 0.1 percent. The company announced Thursday that a consortium comprising subsidiary Tecnimont - Integrated E&C Solutions and Baker Hughes has been awarded an engineering, procurement, and construction contract by Sonatrach for the construction of three compressor stations, as well as the upgrading of the gas gathering system, at the Hassi R'mel gas field, 550 kilometers south of Algiers.

The total value of the contract is approximately USD2.3 billion, of which Tecnimont is responsible for USD1.7 billion.

Webuild -- in the green by 0.1 percent -- announced Thursday that subsidiary CSC Costruzioni has been awarded a contract worth a total of more than EUR302 million for the new industrial railway plant in Ticino, with a 67 percent share of about EUR202 million.

The work, commissioned by Swiss Federal Railways to the Officine Ticinesi OFT Consortium led by CSC Costruzioni, will carry out preparatory work, such as site installation and excavation, and later the construction of the main building, adjoining technical buildings, and work on the exterior spaces.

Among smallcaps, Newlat Food rises 5.2 percent the day after it announced that it has signed an agreement to purchase 100 percent of the share capital of Princes Limited, a historic UK-based food group founded in Liverpool in 1880 and currently owned by Mitsubishi Corporation.

The consideration set on a debt free and cash free basis is GBP700 million, including GBP650 million to be paid in cash and GBP50 million to be paid in Newlat Food shares. The transaction will be financed through the company's available cash, shareholder financing and a EUR300 million loan to be provided by a pool of leading international banks. The pool, led by Unicredit and BNL BNP Paribas as Global Coordinator and Bookrunner, includes Rabobank, Commerzbank, Banco BPM, and BPER.

Antares Vision gives up 2.5 percent after reporting Monday that it closed 2023 with a loss of EUR99.6 million, worsening from a loss of EUR503,000 in 2022.

The company points out that operating income is negative EUR2.8 million from a positive EUR5.5 million a year earlier. This result is affected by higher depreciation and amortization charges related to the capitalization of development costs and usage rights for the company's various locations, as well as higher provisions of a prudential nature for credit risks and product warranty fund. The financial component is negative by EUR5.2 million and is affected by EUR5.4 million in interest and financial charges on loans, EUR1.4 million by the negative balance of foreign exchange gains and losses, offset by EUR1.7 million from the recognition of income from the fair value valuation of warrants.

Among SMEs, Lindbergh rises 3.2% after it announced Tuesday that it has signed a three-year agreement with LVMH Italy to manage circular economy services and projects in Italy.

Casta Diva Group -- in the red by 3.4 percent -- on Tuesday reported that it ended 2023 with revenues of EUR110.8 million, up 33 percent to EUR83.6 million as of Dec. 31, 2022.

Value of production was EUR111.5 million, up 33% from EUR83.9 million.

Rocket Sharing Co - not yet affected by the exchanges - reported ending 2023 with sales revenue of EUR3.5 million from EUR3.1 million in 2022.

Loss for the period amounted to EUR1.2 million, stable from the previous year.

In Asia, the Nikkei closed in the red 0.1 percent to 38,855.37, the Hang Seng gave up 0.2 percent to 18,791.92, and the Shanghai Composite was down 0.5 percent to 3,109.57.

Among currencies, the euro changed hands at USD1.0872 from USD1.0857 in Monday's European stock close while the pound was worth USD1.2773 from USD1.2774 on Monday evening.

Among commodities, Brent crude is trading at USD82.86 per barrel from USD83.06 per barrel on Monday. Gold, on the other hand, trades at USD2,345.15 an ounce from USD2,356.42 an ounce on Monday evening.

On Tuesday's macroeconomic calendar, a Eurogroup meeting is scheduled at 1200 CEST.

From the US, the M2 money supply figure is expected at 1900 CEST while several Federal Reserve members will speak later in the day.

At 1430 CEST, Canadian wholesale sales are expected.

Among the companies in the Piazza Affari, results from Alfonsino, Allcore, Arras Group, Casta Diva, Eligo, Estrima, Sciuker Frames, Softlab, SolidWorld Group, and TrenDevice are expected.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.