Italian stocks ended Wednesday trading in positive territory, buoyed by strength in Financials, Chemicals and Industrials. At the close in Milan, the Investing.com Italy 40 advanced 0.29% to register a new all-time high.
The session's strongest performers on the Italy 40 included Banco Bpm SpA (BIT:BAMI), which climbed 2.92% - a rise of 0.44 points - to finish at 15.52. Saipem SpA (BIT:SPMI) also gained 2.92%, adding 0.13 points to close at 4.73. UniCredit SpA (BIT:CRDI) rose 2.43%, up 1.89 points to end the session at 79.57.
Not all large-cap names participated in the advance. Stellantis NV (BIT:STLAM) was the heaviest decliner among the headline stocks, slipping 3.25% or 0.19 points to close at 5.78. DiaSorin SpA (BIT:DIAS) fell 2.83%, down 1.88 points to 64.56, while Avio SpA (BIT:AVI) lost 2.78%, decreasing by 0.99 points to finish at 34.57.
On the Milan Stock Exchange, decliners outnumbered advancers by 371 to 341, with 56 stocks unchanged at the close.
Two lenders posted notable multi-year highs during the session. Shares of Banco Bpm rose to five-year highs, finishing at 15.52 after the 2.92% gain. UniCredit shares also reached five-year highs, closing at 79.57 following their 2.43% advance.
Commodities moved higher alongside the equity gains. U.S. crude oil for July delivery increased 0.71% - up $0.54 - to trade at $76.59 per barrel. Brent crude for August delivery rose 0.57%, or $0.45, to $79.41 a barrel. In precious metals, the August Gold Futures contract was up 0.68%, a gain of $29.52, to trade at $4,383.92 per troy ounce.
Currency and dollar indicators were mixed in the session. EUR/USD was reported at 1.16 with an indicated change of 0.14%, while EUR/GBP was shown at 0.87 with an indicated change of 0.10%. The US Dollar Index Futures was higher, up 0.18% at 99.46.
Market takeaway
- The Italy 40 closed at a new record, supported by gains in Financials, Chemicals and Industrials.
- Banco Bpm and UniCredit both hit five-year highs in the session.
- Energy and gold prices rose, and U.S. dollar futures strengthened slightly.
Notable movers
- Top gainers: Banco Bpm SpA (+2.92% to 15.52), Saipem SpA (+2.92% to 4.73), UniCredit SpA (+2.43% to 79.57).
- Top decliners: Stellantis NV (-3.25% to 5.78), DiaSorin SpA (-2.83% to 64.56), Avio SpA (-2.78% to 34.57).
Session breadth and market context
Declining issues outpaced advancing ones by 371 to 341 on the Milan exchange, with 56 stocks unchanged at close. Commodity benchmarks for crude and Brent were higher, as was the August gold contract; the US Dollar Index Futures ended the session up 0.18% at 99.46.