Italian equities closed higher on Thursday in Milan as gains concentrated in Technology, Utilities and Financials pushed the benchmark higher. At the close, the Investing.com Italy 40 rose 0.25% and recorded a new all-time high.
Among individual movers, STMicroelectronics (BIT:STMMI) led the session's winners, increasing 4.19% - equal to 2.73 points - to finish at 67.91. Banco Bpm SpA (BIT:BAMI) also advanced, climbing 2.00% or 0.31 points to close at 15.83. Prysmian SpA (BIT:PRY) was up 1.20% or 1.75 points to end the day at 147.75.
Not all stocks participated in the rally. Saipem SpA (BIT:SPMI) was the biggest decliner of the session, plunging 7.34% or 0.35 points to close at 4.38. Tenaris SA (BIT:TENR) fell 4.49% or 1.16 points to finish at 24.68, and Stellantis NV (BIT:STLAM) slipped 3.67% or 0.21 points to trade at 5.57 at the close.
Market breadth on the Milan Stock Exchange showed more falling issues than advancing ones, with 422 stocks down and 316 up, while 47 shares ended unchanged.
Banco Bpm's shares rose to five-year highs on the day, advancing 2.00% or 0.31 to 15.83.
Commodities moved lower during the session. Crude oil for July delivery declined 2.84% or 2.18 to $74.61 a barrel. Brent oil for August delivery fell 2.46% or 1.96 to $77.59 a barrel. The August Gold Futures contract dropped 3.05% or 133.65 to trade at $4,247.75 a troy ounce.
In currency trading, EUR/USD was effectively unchanged, recorded at 1.15 with a 0.31% notation, and EUR/GBP was marked at 0.87 with a 0.22% notation.
The US Dollar Index Futures was up 0.67% at 100.54 during the session.
Key points
- The Investing.com Italy 40 rose 0.25% and reached a new all-time high at the close.
- Top sector drivers included Technology, Utilities and Financials; notable winners were STMicroelectronics, Banco Bpm and Prysmian.
- Energy and materials names underperformed, with Saipem, Tenaris and Stellantis among the largest decliners; commodity prices for crude, Brent and gold moved lower.
Risks and uncertainties
- Market breadth was negative with 422 decliners versus 316 advancers, indicating uneven participation across the market - this affects overall market momentum.
- Sharp declines in specific stocks such as Saipem and Tenaris highlight company-level volatility in industrial and energy sectors.
- Falling commodity prices, including crude and Brent, may weigh on energy-linked firms and related sectors.