FTSE MIB Rises on Monday
Milan’s FTSE MIB rose above 50,500 on Monday, halting a two-day decline, driven by gains in heavyweight financial stocks as investors assessed corporate earnings and deal developments. UniCredit climbed over 5% after reporting record Q3 profit of €3.26 billion, up 24%, beating all estimates and raising its full-year profit guidance. Banco BPM soared more than 11% after Credit Agricole proposed merging their Italian operations, offering a 20% premium to shareholders alongside an extraordinary €1 billion dividend. Other gainers in the financial sector included BPER Banca (+1.2%), Unipol Gruppo (+1.3%), Banca Mediolanum (+1.6%), and Intesa Sanpaolo (+0.7%). On the downside, luxury stocks traded lower, with Moncler falling 1.4% and Brunello Cucinelli losing 0.8%. Other laggards included Telecom Italia (-0.5%), Eni (-0.5%), and Tenaris (-0.9%).
Milan’s FTSE MIB rose above 50,500 on Monday, halting a two-day decline, driven by gains in heavyweight financial stocks as investors assessed corporate earnings and deal developments. UniCredit climbed over 5% after reporting record Q3 profit of €3.26 billion, up 24%, beating all estimates and raising its full-year profit guidance. Banco BPM soared more than 11% after Credit Agricole proposed merging their Italian operations, offering a 20% premium to shareholders alongside an extraordinary €1 billion dividend. Other gainers in the financial sector included BPER Banca (+1.2%), Unipol Gruppo (+1.3%), Banca Mediolanum (+1.6%), and Intesa Sanpaolo (+0.7%).
On the downside, luxury stocks traded lower, with Moncler falling 1.4% and Brunello Cucinelli losing 0.8%. Other laggards included Telecom Italia (-0.5%), Eni (-0.5%), and Tenaris (-0.9%).