FTSE MIB closes flat as oil, defense stocks diverge
The FTSE MIB closed flat at 52,613 on Monday. Oil gains lifted Tenaris, Saipem and ENI, while defense names Avio and Leonardo lagged and utilities weakened.
The FTSE MIB closed flat at 52,613 on Monday as markets assessed the impact that new strikes between Iran and the US can have on the economy.
Oil prices rose, supporting gains on energy stocks, including Tenaris (3%) and Saipem (2.3%).
ENI added 2.3% after reports that it was close to signing final agreements in Venezuela.
Stellantis gained 1.6% as Canada’s largest private-sector union, Unifor, was reportedly set to begin negotiations with the automaker following the US imposition of 50% tariffs on Canada.
Financials remained mixed amid ongoing merger activity.
MPS rose 1.5% despite pressure from Consob, which received another complaint concerning its takeover bids for Banco BPM (0.6%) and Generali-controlled (1.0%) Banca Generali.
On the downside, defense stocks underperformed, led by Avio (-2.9%) and Leonardo (-2.2%) following news that defense contractor Noble Supply & Logistics had filed for bankruptcy.
Utilities also weakened amid higher European gas prices.