Borsa Milano, today Piazza Affari turns negative: banks opposed

In Milan, the Ftse Mib is at a loss: it marks a drop of 0.56% and closes at 27,026.56

Session in chiaroscuro for the European stock exchanges, weakened after the Jolts index (Job openings and labor turnover survey) in February from the USA was below estimates. The figure provides an indication of the volumes of job offers, recruitments and turnover. For Pierre Veyret, technical analyst at ActivTrades, a correction is normal after the strong bullish rally which was witnessed throughout the second half of March.

At the TTF in Amsterdam, the price of gas drops to 47 euros per megawatt hour. On the other hand, the price of oil is growing, with Brent and Wti rising by more than 0.7%. In Milan, the Ftse Mib is at a loss: it marks a drop of 0.56% and closes at 27,026.56. The spread between BTPs and German Bunds is slightly down, moving around 180 basis points. The yield on ten-year bonds also fell, around 4.1%.

On the main price list of Piazza Affari, Erg performed well (+3.54%). Morgan Stanley analysts have upgraded their rating on the energy company to “Equalweight” (neutral). Bper (+1.57%), Saipem (+2.56%) and Pirelli (+1.62%) also rose.

On the other hand, some bank stocks. Intesa Sanpaolo loses 1.56%. In the sessions between 27 and 31 March 2023, the bank purchased 104.49 million treasury shares, for a total transaction value of 241.73 million euros. Mps loses 1.78% and Banca Mediolanum 0.64%. Tenaris (-2.48%) and Stellantis (-1.38%) were also bad, despite the increase in car sales in March. (in collaboration with