(Alliance News) - On Monday, the Mib opens lower as futures predicted, following its European peers lower as traders digest the results of the European Parliament elections.

In a surprise move, French President Macron called snap elections after Marine Le Pen's National Rally won more than 30 percent of the vote. The main index of the French stock market fell nearly 2 percent at the opening to 7,850, the lowest since Feb. 21.

Thus, the Mib opens in the red 1.1% to 34,279.92, the Mid-Cap gives up 0.6% to 47,773.25, the Small-Cap is in the red 0.6% to 29,224.51 while Italy Growth gives up 0.1% to 8,193.71.

In Europe, London's FTSE 100 is in the red by 0.4 percent, Paris' CAC 40 loses 1.9 percent and Frankfurt's DAX 40 is in the red by 0.7 percent.

On the Mib, only two stocks are up, with Leonardo advancing 1.0% and Tenaris in fractional green.

ERG gives up 0.9%. The company reported that the Fitch Ratings agency confirmed a Long Term Issuer Default Rating of BBB- stable outlook and a senior unsecured rating of BBB- for the company.

The board of directors of Prysmian -- in the red by 0.9 percent -- on Friday resolved to exercise the early redemption option for the entire outstanding amount of the EUR750.0 million convertible bond denominated "Equity Linked Bonds due 2026" issued in February 2021.

The board also resolved to start a share buyback program that will be implemented starting June 10 and will last until March 10, 2025, for a maximum of 8.0 million shares and a countervalue not exceeding EUR375 million.

Terna - down 1.2 percent - announced Friday that it has renewed its bond issue program called the Euro Medium Term Note Program.

With the occasion, the maximum amount that can be subscribed has been increased to EUR12.00 billion.

On the cadet segment, SAES Getters advanced 1.7 percent followed by Comer Industries, in the green by 0.9 percent.

Among the bearish, which are the majority, Banca Ifis ranks at the bottom giving up 1.5 percent. Also hurting are Ferretti and Sanlorenzo, down 1.4% and 1.5%.

On the Small-Cap, EEMS advances 7.4 percent followed by Class Editori in the green by 5.7 percent.

On the other side of the list, Bestbe gives up 13 percent and Tessellis is in the red 6.3 percent.

Among SMEs, the board of directors of Iervolino & Lady Bacardi Entertainment gives up 5.3 percent after approving the group's final results for the first quarter to March 31, which closed with a net profit of EUR400,000 from EUR2.5 million in the same period a year earlier, as a result of lower Ebit but also due to the triple-digit increase in financial expenses associated with higher interest rates.

Revenues amounted to EUR29.6 million from EUR32.5 million in the same period a year earlier.

Illa, which was suspended from trading, announced Sunday that its board of directors had taken note of "the impossibility of approving the annual financial statements and the consolidated financial statements as of December 31, 2023 by the deadline of June 30, 2024."

The reason, the company explained, is the uncertainties regarding continuity brought about, as part of the ongoing negotiated crisis settlement procedure, "by Negma's failure to disburse a prededuction loan of EUR1 million and the failure to subscribe to a tranche of the convertible bond for EUR500,000," resulting in the "suspension from trading of the shares issued by the company" as per the Euronext Growth Milan Issuers' Regulations, "as well as concrete risks regarding the objective of a favorable outcome of the negotiated settlement."

In Asia, the Nikkei closed in the green by 1.0 percent at 39,054.50 while Shanghai and Hong Kong are closed for holidays.

In New York on Friday, the Dow closed in the red 0.2 percent to 38,798.99, the Nasdaq gave up 0.2 percent to 17,133.13 and the S&P 500 lost 0.1 percent to 5,346.99.

Among currencies, the euro changed hands at USD1.0757 from USD1.0806 on Friday in European equities closing while the pound was worth USD1.2718 from USD1.2723 on Friday evening.

Among commodities, Brent crude is trading at USD79.92 per barrel from USD79.98 per barrel at Friday's close. Gold, on the other hand, trades at USD2,295.11 an ounce from USD2,313.00 on Friday evening.

On Monday's macroeconomic calendar, Italian industrial production is expected at 1000 CEST and a US Treasury bond auction will take place at 1600 CEST.

In Piazza Affari, Piquadro's results are expected.

By Chiara Bruschi, Alliance News reporter

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