FTSE MIB Closes Flat

The FTSE MIB closed largely unchanged at 51,805 on Tuesday, weighed by heavyweight financials amid ongoing developments in Milan’s banking sector. Financials remained mixed following reports that Credit Agricole is studying a range of options to strengthen its business in Italy, including a potential acquisition of long-time partner Banco BPM (-0.9%) in response to MPS’s (-0.3%) offer for the lender. Generali advanced 1%. Energy stocks Eni (-1.3%), Tenaris (-1.6%) and Saipem (-1.3%) declined, tracking lower oil prices, while the latter was awarded an engineering services contract by Profertil in Argentina. Telecom (-4.5%) and Poste Italiane (-4%) also extended their losses. On the upside, Technoprobe, STMicroelectronics and Prysmian advanced more than 1.8% amid renewed optimism over artificial intelligence, buoyed by yesterday’s news of Nvidia’s record share buyback. Avio and Fincantieri gained more than 2.8%.