Italian Stocks Tumble, Post Weekly Gain
Milan’s FTSE MIB closed 1% lower at 49,501 on Friday, snapping a five-day winning streak, weighed down by weakness in tech shares. AI-relates stocks tumbled, tracking its peers in the US in a renewed selloff across the sector. Technoprobe (-9%), STMicroelectronics (-5.3%) and Prysmian (-3.9%) all fell sharply. Stellantis fell 1.9%. Amplifon plunged 14.5% as it failed to revise its guidance upwards, although its quarterly results were broadly in line with expectations. Financial stocks remained focused on MPS's (-0.7%) shareholder meeting on Thursday, where the dual takeover bid was rejected alongside Mediobanca's bid. Unicredit, BPER Banca, Intesa and Banca Medionalum all fell over 1%. Avio also fell sharply by 3.3%. On the other hand, energy firm ENI rose 0.9%, tracking higher oil prices. Utility distributors Snam, Italgas and Terna all advanced 0.7% as European gas prices rose. Luxury stocks also rose, led by Moncler (2.4%). For the week, the benchmark rose by around 1.9%.
Milan’s FTSE MIB closed 1% lower at 49,501 on Friday, snapping a five-day winning streak, weighed down by weakness in tech shares. AI-relates stocks tumbled, tracking its peers in the US in a renewed selloff across the sector. Technoprobe (-9%), STMicroelectronics (-5.3%) and Prysmian (-3.9%) all fell sharply. Stellantis fell 1.9%.
Amplifon plunged 14.5% as it failed to revise its guidance upwards, although its quarterly results were broadly in line with expectations. Financial stocks remained focused on MPS's (-0.7%) shareholder meeting on Thursday, where the dual takeover bid was rejected alongside Mediobanca's bid. Unicredit, BPER Banca, Intesa and Banca Medionalum all fell over 1%. Avio also fell sharply by 3.3%.
On the other hand, energy firm ENI rose 0.9%, tracking higher oil prices. Utility distributors Snam, Italgas and Terna all advanced 0.7% as European gas prices rose. Luxury stocks also rose, led by Moncler (2.4%). For the week, the benchmark rose by around 1.9%.