Bullish futures; record year for Tesla

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(Alliance News) – Major European stock markets are indicating a bullish path for the fourth session of the week, with corporate results gradually gaining momentum and attention in the day’s events. Indeed, the numbers of STMicrolectronics and Salvatore Ferragamo, among others, are expected, in addition to the many American companies that are releasing their performance for the year just ended.

In this regard, Tesla has delivered another record-breaking year as it reported on Wednesday that its annual profits more than doubled thanks to increased production and vehicle deliveries. In the last quarter of 2022, the electric vehicle maker reported net income of USD3.69 billion, up 59 percent from USD2.32 billion in the same period a year earlier. Net income per share increased to USD1.07 from USD0.68 year over year.

On the domestic front, it is worth mentioning how the second day of the petrol workers’ strike was stopped. The decision was announced by the unions after a new meeting with the government early Wednesday afternoon.

Therefore, the FTSE Mib advanced 182.50 points, after closing fractionally in the red on Wednesday evening.

In Europe, the CAC 40 of Paris is increasing by 40.00 points, the FTSE 100 of London has given up 0.2 percent, marking a green of 25.00 points, and the DAX 40 of Frankfurt is advancing 84.50 points .

Among the smaller lists last night, the Mid-Cap gives up 0.2 percent to 42,960.52, the Small-Cap closes in the red 0.7 percent to 29,565.91, and the Italian Growth finishes 0.4 percent to 9,566.90.

On the main list in Piazza Affari, Iveco Group rose 3.1 percent to the top after announcing to the market on Wednesday that Iveco Bus signed a framework agreement with the Flanders public transport company De Lijn – controlled from the government – for the sale of the first vehicle. lot of 65 E-WAY city buses all electric and additional lots up to a total of 500 vehicles.

Leonardo also did well, closing 2.6 percent after words from Defense Minister Guido Crosetto in a parliamentary session. Italy will fight in Europe so that defense spending is not counted in the Stability Pact, he said essentially, partly because after the aid to Ukraine “stocks must be restored.”

Among the bullish minority were banking stocks such as Intesa Sanpaolo, Banco BPM, Mediobanca and UniCredit, which were all between 0.6 percent and 0.2 percent higher.

Oil stocks are still suffering, with Saipem down 1.8 percent and Eni giving up 0.7 percent. Tenaris recovered late in the day and managed to close 0.2%.

Oil prices fell on Wednesday on the back of poor US economic data that renewed fears about the outlook for global growth, and raised fresh questions about the health of the energy market.

Telecom Italia ended the day down 0.4 percent following Vivendi’s Cassazione victory against Consob. The unified chambers ruled that the French group does not have de facto control, despite having a 24 percent stake in the telephone giant. At this point, Vivendi can submit its own slate to TIM’s board of directors without being forced to then consolidate the Italian company’s maxi debt, which amounts to just under EUR 25 billion , in its balance sheets.

On the middle, Intercos outperformed everyone towards the end and ended the day up 3.1 percent. Brembo and Saras also did well, with 1.7% and 2.3%. Iren closed with 1.4% and Fincantieri ended with 1.3%.

Brunello Cucinelli gained 0.1%. On Monday, the company announced that it bought back 7,242 of its own ordinary shares at an average price of EUR69.3792 for a total consideration of EUR502,444.08 during the period from 16 January to 19 January, 2023.

On the Small, d’Amico International Shipping gave up 3.4 percent. The company announced on Tuesday that its operating subsidiary d’Amico Tankers in Ireland has exercised its call option on the MT High Explorer, a 50,000 tonne “medium range” tanker, built in May 2018 at Onomichi Dockyard Co, Japan, for JPY4. 1 billion – equivalent to approximately USD30.0 million, at the forward contract exchange rate used to hedge the currency exposure – and with an estimated delivery in May 2023.

The best player was Emak, which closed with 4.2 percent.

Among the SMEs, Casasold closed with 8.4 percent after announcing on Tuesday evening that it had finalized the acquisition of a 75 percent stake in Tweppy Srl from partners Marco Bettin and Alessandro Rossetto, with the latter retains his operational role in the company by serving as CTO. The agreed consideration for the acquisition is slightly less than EUR1.8 million.

Grifal closed 1.7 percent in the red after announcing on Wednesday that 2022 revenue rose to EUR37 million or 42 percent from EUR26.1 million the year before.

SG Company rose 41% while Rocket Sharing Company also did well, with 20%. In the last month Rocket Sharing Company grew 17% and in the last six months it posted 36% assets. The company was admitted to trading on February 24, 2022 with a placement price of EUR0.80 per share. It currently trades at around EUR0.64.

TraWell Co ended up 4.5 percent after winning, through its investment company Care4Bag, the bid to provide its integrated traveler care services at Zagreb International Airport for six years and one starting in the first quarter of this year.

Sebino–up 1.0 percent–reported that it has taken over the operational business of Eprom System, a historic company with its operational headquarters in Mapello and active in Italy for more than 30 years in field of construction and maintenance of security systems and in particular video surveillance, access control, detection and anti-intrusion systems.

In New York, the Dow Jones closed in the fractional green, the S&P just below par, while the Nasdaq ended in the red by 0.2 percent.

In Asia, however, the Nikkei closed up 0.1 percent.

Among currencies, the euro changed hands at USD1.0912 against USD1.0892 at Wednesday’s close. In contrast, the pound is worth USD1.2387 from USD1.934.82 on Wednesday evening.

Among commodities, Brent crude cost USD86.08 per barrel from USD86.71 per barrel on Wednesday evening.

Meanwhile, gold trades at USD1,940.24 an ounce from USD1,934.82 an ounce last session.

On Thursday’s economic calendar, at 1000 CET, data on business and consumer confidence arrives from Italy.

At 1030 CET, from the United Kingdom, it is the turn of labor productivity.

In the afternoon, from the United States, at 1430 CET comes GDP, along with durable goods orders, goods trade balance, and jobless claims.

At 1600 CET, also from the United States, comes sales of new homes and the Fed KC manufacturing index.

Among companies in Piazza Affari, results are expected from Aeffe, De’ Longhi, STMicroelectronics and Salvatore Ferragamo.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.

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