(Alliance News) - At mid-day Thursday, major European indexes remain in positive territory, with Piazza Affari above 34,800, but lose their opening momentum as they await the European Central Bank's 25-basis point deposit rate cut that would mark the fourth consecutive reduction by the Frankfurt-based institution.

The FTSE Mib is up 0.4 percent to 34,855.21, the Mid-Cap is in the fractional red at 48,605.50, the Small-Cap gives up 0.2 percent to 28,486.47 and Italy Growth is up 0.6 percent to 7,880.12.

In Europe, London's FTSE 100 is up 0.3 percent, Paris' CAC 40 is in fractional green as is Frankfurt's DAX 40.

In Milan, on the highest-capitalization list of Piazza Affari, best mid-session performance for Brunello Cucinelli, up 6.1 percent, after it revised upward its estimates for 2024 thanks to very positive sales.

Sales are expected to grow between 11 percent and 12 percent, with the fourth quarter in line with the third. Expected growth for the years 2025 and 2026 is about 10 percent annually.

After the news, Goldman raised its target price on the stock to EUR114.00, confirming its 'buy' recommendation.

Pirelli rises 1.6 percent. Camfin, the group's historic shareholder under Marco Tronchetti Provera, is working on a maxi-refinancing to consolidate its position in Pirelli's capital, where it currently holds 26.1 percent.

According to banking sources quoted by Il Messaggero, the operation is being coordinated by Camfin's CEO Giovanni Tronchetti Provera, with the support of a pool of banks led by UniCredit and Intesa Sanpaolo, flanked by Banco BPM, and is being advised by Lazard, Fivers and McDermott.

The plan calls for a three-year refinancing of EUR650 million earmarked for Camfin, Camfin Alternative Assets and Longmarch Italia, companies under the control of the Tronchetti family thanks to special statutory mechanisms.

The resources will be used to optimize the consolidated debt of the three companies, currently around EUR450 million, by reducing its cost and extending its maturity to the end of 2027. They will also enable Camfin to increase its stake in Pirelli to 29.9 percent, a goal announced back in October.

Azimut - in the green by 0.3 percent - reported Thursday that it had completed the repayment of its EUR500.0 million senior bond, issued in 2019 with a maturity date of December 2024 and an annual coupon of 1.625 percent.

Prominent among the many bullish performers are Amplifon, up 1.6 percent, Campari, up 1.8 percent, and BPER Banca, up 2.2 percent at the turnaround.

At the bottom since the open, Prysmian drops 1.5%, after two bullish sessions.

On the Mid-Cap, still buying for Digital Value, up 12% to EUR36.45 per share, with over 250,000 traded. The stock has doubled in value over the past 30 days.

Juventus FC is doing well, rising 2.8% after a Champions League win against Manchester City that boosts the Bianconeri's European ambitions.

Purchases also for Safilo Group and OVS, up 2.2 percent and 1.3 percent, respectively, while on the other side is Ascopiave, down 1.7 percent, which brings its monthly performance into the red.

On the Small-Cap side, Bialetti Industrie also did well, up 16% and with over 330,000 shares traded at mid-day.

Eurotech and Conafi follow, with respective rises of 7.9 percent and 4.7 percent.

AbitareIn rises 1.4 percent despite weak accounts for the last fiscal year. Sales fell to EUR74.8 million as of Sept. 30 from EUR116.3 million a year earlier, with Ebitda dropping more than half to EUR17.1 million from EUR35.0 million.

Earnings before taxes fell to EUR10.1 million from EUR25.1 million while net income fell sharply to EUR5.8 million from EUR24.3 million.

Net financial debt, on the other hand, rose to EUR89.1 million from EUR38.5 million.

For Luigi Gozzini, president of AbitareIn, "the results of this fiscal year, as is well known, are strongly affected by the urban planning and construction freeze in the City of Milan. We are waiting to see the confirmation of the approval of the authentic interpretation rule inappropriately defined as "Save Milan," and to understand what the effects and timing will be for the restart of an entire affected sector."

Beghelli halts Gewiss' post-OPA run and remains unchanged at the turnaround, with the stock pricing in EUR0.329 per share.

Among SMEs, ESI is in the green by 10 percent, moving to a new three-month high at EUR1.74 per share.

Also doing well are Portobello, up 6.0%, and UCapital24, with the fintech extending recent gains thanks to a 7.1% rise.

Farmacosmo - up 2.7 percent - reported Thursday that the closing with Laboratorio Farmaceutico Erfo - up 3.0 percent - for the purchase of 49 percent of FRCM1 for EUR151,900 was finalized, following up on Laboratorio Farmaceutico Erfo's exercise of its option.

Among the bearish performers were Monnalisa and G Rent, down 7.7% and 8.1%, respectively.

In Asia, the Nikkei closed Thursday up 1.2 percent to 39,849.14, the Shanghai Composite finished up 0.9 percent to 3,461.50, and the Hang Seng closed up 1.2 percent to 20,397.05.

In New York, the Dow closed Wednesday down 0.2 percent to 44,148.56, the Nasdaq rose 1.8 percent to 20,034.90 and the S&P 500 rose 0.8 percent to 6,084.19.

Among currencies, the euro changed hands at USD1.0507 from USD1.0496 on Wednesday in closing European equities. The pound is worth USD1.2757 versus USD1.2752 last night.

Among commodities, Brent crude is worth USD73.61 per barrel from USD73.05 per barrel at Wednesday's close. Gold trades at USD2,743.49 an ounce from USD2,751.44 an ounce last night.

Thursday's macroeconomic calendar continues in the afternoon at 1415 CET with the European Central Bank's decision on interest rates, to be followed by Christine Lagarde's lecture half an hour later.

At 1430, from the U.S., the producer price index is expected. It closes, from the States, at 2230 CET, with the Federal Reserve's weekly balance sheet.

By Antonio Di Giorgio, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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