A few more weeks and the first half of the year will go to archive. Like the other main financial centers, Piazza Affari also suffered double-digit declines in this first half of the year with some stocks showing very substantial declines. At the moment, the worst since the beginning of 2022 is Saipem with -56.3%, followed by Nexi with -45.5%, Amplifon with -42.7% and TIM with -40.7%. On the opposite front, the war in Ukraine gave Leonardo a sprint, who even scores + 55% YTD. Tenaris also did well at + 52%, driven by the strong rise in the price of oil, which also did well for ENI (+ 8.56%).
What to expect for the second half of the year? According to Intesa Sanpaolo experts, the war in Ukraine has shifted investors’ attention to growth from inflation and there is an increase in earnings risks. The best of the current earnings cycle may have already passed and now the focus is now on sustainability of profitability levels.
What titles could do better in this new scenario? Among the top picks indicated by Intesa for the second half of 2022 there are big names such as Banco BPM, Banca Mediolanum, CNH Industrial, ENI, InWit, Leonardo and Poste Italiane.