Hot Features
Premium
Register to chat with like-minded investors on our interactive forums.
The majority of Europe’s equity indices started Wednesday up before early trading saw them dip and remain relatively flat into the afternoon. The last hour has seen a tendency towards a new downturn and while losses are unlikely to be particularly dramatic, most countries’ benchmark indices look set to finish the session in negative territory. Eurozone inflation data was released this morning and showed, at 1.1% for December, the highest year-on-year growth since September 2013. Analysts had forecast a slightly lower 1% rate.
In Italy, the FTSE MIB is currently showing a loss of 0.31% for the day. Financials have generally been having a good day but fortunes are mixed among the MIB’s heavy weighting of banking constituents. The biggest gainers among the banks have been Ubi Banca, up 2.94% and Banca Mediolanum, up 2.3%. Bper Banca is down 2.01% and Unicredit 0.71%.
The day’s biggest gain has been recorded by fashion and luxury goods holding Salvatore Ferragamo. The company has recently been strengthening its Asian presence through acquisitions such as exercising its put-and-call option for the remaining 20% of its joint-venture south-east Asia distribution network from Trinity.
Elsewhere, Italgas is up 1.44% and Mediaset, the subject of an aggressive takeover bid by France’s Vivendi, 1.12%. Rare diseases specialist Recordati is up 1.21%.
The day’s biggest non-bank faller has been oil and gas contractor Saipem, down 2.45%, followed by electronics and semiconductor manufacturer Stmicroelectronics, down 1.99%.
Heading north, Amsterdam’s AEX has dipped to a 0.26% loss in the past hour. SBM Offshore, another oil and gas industry contractor and consultant has been the day’s biggest faller, down 2.95%, with semiconductor-components company ASML Holding down 1.64%, providing some symmetry with the MIB. Telecom Altice is down 2.08%.
In Vienna, the ATX is down 0.45% shortly before the end of the session. Textiles company Lenzing is the biggest faller having lost 3.73%. RHI, which provides refractory products, systems and services (materials resistant to extremely high temperatures) is down 2.12%, brick maker Weinerberger 1.78% and integrated oil and gas company OMV 1.66%.
The majority of the index’s strongest gainers come from the financial sector. However, the best return today has been recorded by commercial real estate investor Immofinanz, up 1.5%. Erste Group Bank is up 0.83% and Vienna Insurance Group 0.75%.
In Stockholm the OMX 30 is down 0.34%. Steel maker SSAB is the biggest faller with a loss of 2.36%, followed by mining and smelting company Boliden with a 1.84% loss and H&M, down 1.83%. Mobile network operator Telia is up 1.22% and telecoms equipment and systems manufacturer Ericsson 1.03%.
