MIB at 47,600; Buzzi tops gainers, sell-off on Avio and Leonardo

(Alliance News) - European indices closed mixed on Friday, with Piazza Affari finishing around the 47,600 level while London ended below par.

Investor focus remains centered on geopolitical developments rather than macroeconomic variables, amid persistent tensions in the Middle East and rising inflationary pressures.

"Even though significantly higher US inflation is complicating the Fed's outlook, markets seem more interested in the outcome of ceasefire talks between the US, Israel, and Iran," noted Axel Rudolph, Chief Technical Analyst at IG.

The energy sector remains at the heart of market dynamics. "Despite a drop of over 10% during the week, crude prices remain elevated, near USD100 per barrel," Rudolph highlighted, pointing out how Middle East tensions continue to support supply risk.

Indeed, Israeli strikes in Lebanon and the closure of the Strait of Hormuz continue to disrupt maritime routes, while Saudi production is down by approximately 600,000 barrels per day due to infrastructure damage.

On the macroeconomic front, the conflict is directly reflected in global inflationary pressures.

In the US, inflation accelerated to 3.3% in March, with a monthly price increase of 0.9%, driven primarily by energy, while the core component remains stable at 0.2%. Simultaneously, producer prices show sharp increases in economies such as China and Japan, signaling a return of cost pressures linked to raw materials.

In the currency market, the euro is benefiting from hopes of progress on the Russia-Ukraine front, while the dollar suffered a sharp reversal following an 11% plunge in US consumer confidence, which fell to an all-time low.

Consequently, the FTSE Mib closed up 0.6% at 47,609.36, the Mid-Cap gained 1.2% to 57,240.40, the Small-Cap rose 0.7% to 33,992.05, while the Italy Growth advanced 0.6% to 8,629.83.

London's FTSE 100 closed with a fractional loss, while the CAC 40 in Paris advanced 0.2%, as did the DAX 40 in Frankfurt.

Returning to Milan, on Piazza Affari's blue-chip list, Buzzi led the gainers with a 5.7% advance, with over 1.1 million shares traded, after shedding 1.1% in the previous session.

Brunello Cucinelli was also in the spotlight, rising 5.3% after the previous day's decline. The company announced it closed the first quarter with revenues of EUR369.1 million, a 14% increase at constant exchange rates from EUR341.5 million as of March 31, 2025.

Buying interest also hit Prysmian, which climbed 3.6% to EUR119.80. UBS confirmed its "buy" rating and raised its price target to EUR135.00 from EUR105.00, reflecting improved estimates and greater visibility on earnings growth.

Stellantis performed well, advancing 2.6% with 31 million shares changing hands. According to Il Sole 24 Ore, production in Italy in the first quarter of 2026 increased by 9.5% to 120,366 vehicles. The Fim-Cisl report indicates a 22% jump in the automotive sector, supported by the hybrid 500 at Mirafiori, up 42%, and the Jeep Compass at Melfi, with volumes nearly doubling.

On the downside, Fincantieri shed 1.9% and Avio gave up 5.4%.

Leonardo closed among the laggards of the main basket with a 5.3% decline to EUR56.31. UBS maintains a "neutral" rating and raised its price target to EUR64.00 from EUR60.00 in a first-quarter preview that highlights an increasing focus on governance issues over short-term operational dynamics.

On the Mid-Cap, Alerion Clean Power closed up 7.0%, marking its eighth consecutive positive session.

Anima Holding, down 0.2%, recorded negative net inflows of EUR5.63 billion in March, penalized by the geopolitical context which reduced retail investment appetite and by the market downturn, impacting assets under management.

CEO Saverio Perissinotto emphasized that such effects may prove temporary. Total assets under management stand at EUR201.9 billion, rising to EUR203.3 billion when including assets under administration.

Banca Generali, down 0.1%, closed March with net inflows of EUR725 million, more than doubling the EUR360 million from the same month in 2025, representing 101% year-on-year growth.

Reply gained 5.6% to EUR83.70. The company will launch a buyback program on April 13 for up to 3.6 million shares, or 9.6% of its capital, for a maximum value of EUR550 million.

Among the decliners, d'Amico shed 5.5% following gains in the previous session.

On the Small-Cap, among the most traded stocks by value, FILA closed up 1.0%, while Trevi Finanziaria Industriale fell 4.5%.

Gas Plus ranked among the worst performers, dropping 11% to EUR6,52 with nearly EUR8 million in turnover. Banca Akros confirmed its view on the stock but raised the target price to EUR8.00 from EUR6.50 in August 2025, citing results slightly above expectations and a "significant improvement in the net financial position."

Borgosesia, flat at EUR0.70, announced that assets under management stood at EUR724 million in the first quarter, a 4.5% increase compared to December 31.

Among SMEs, ICOP advanced 4.0%, marking its third consecutive session of gains.

CleanBnB, down 0.3%, announced that its board reviewed management data for the first quarter of 2026. During the first three months of the year, the company continued operations across its managed real estate portfolio, consolidated at 3,120 units across more than 100 Italian locations.

Lemon Sistemi fell 6.1% after announcing the signing of a contract with Alfa Graniti for the construction of two photovoltaic plants in the province of Ragusa, with a total value of approximately EUR1.5 million.

At the bottom of the alternative list, Growens lost 6.8%. The board of directors approved the first-quarter 2026 data, highlighting sustained operational dynamics driven by growth in the CPaaS line and the resilience of the SaaS business, despite the negative impact of currencies and the loss of a recurring revenue component linked to a large client.

In New York, the Dow is down 0.4%, the Nasdaq is up 0.5%, while the S&P 500 is in the green by 0.1%.

In the currency market, the euro is trading at USD1.1726 from USD1.1699 yesterday evening, while the pound is at USD1.3463 from USD1.3433 yesterday evening.

Among commodities, Brent is trading at USD96.85 per barrel from USD97.26 per barrel yesterday evening, while gold is worth USD4,768.33 per ounce from USD4,792.00 per ounce yesterday evening.

Monday's macroeconomic calendar opens at 0150 CEST in Japan with the M3 money supply.

At 1130 CEST in China, data on new mortgages and outstanding loan growth are expected.

At 1200 CEST in Germany, the Bundesbank's monthly report is scheduled, while in the US, International Monetary Fund summits are on the agenda.

At 1500 CEST in France, BTF auctions with 3-month, 6-month, and 12-month maturities will be held.

At 1600 CEST in the US, existing home sales are expected.

The day concludes at 1730 CEST in the US with three-month and six-month Treasury Bill auctions.

No major corporate announcements are expected from Piazza Affari companies.

By Antonio Di Giorgio, Alliance News reporter

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