Piazza Affari closed the last session of the week with a minus sign, wearing the black jersey of Europe. The Milanese Ftse Mib index marked a drop of 0.56% at the end of the day, finishing in the area of 24,141 points, after a positive start. The weak feedback from the macro front turned the markets around. The Eurozone economy still proved unable to take the path of recovery, with GDP down 0.6% in the first quarter, against the United States which instead recorded growth of over 6% in the same period. . In Italy, GDP fell by 0.4% compared to the previous period. On the mood of the markets the retracement of Wall Street in the aftermath of the new S & P500 record did not help.
Among the securities in the main basket, the queen of the day was Telecom Italia which from the very first trades was at the top of the list to then close with + 3.9% at 0.46 euros. The board of directors of Cassa Depositi e Prestiti has given the green light to CDP Equity (CDPE) to submit an offer for the acquisition of a 10% stake in Open Fiber (OF). Once the transaction is finalized, CDPE will be able to obtain a majority stake in the company to strengthen its support for a strategic infrastructure of great importance for the digitization and competitiveness of the country. Tenaris also did well, reaching within a whisker of the 9 euro threshold, thanks to an increase of 3.4%, rebounding from the crash of the eve of the day.
On the opposite front, however, it slipped to the bottom of the Stmicroelectronics list with a -4.23% to 31.15 euros. The stock continues to be overwhelmed by volatility following the release of the quarterly accounts and in light of the semiconductor supply chain crisis. Eni was also down, leaving 2.7% on the parterre, ending up below 10 euros on the day of the quarterly report. The group announced the results of the first three months of 2021 filed with an adjusted net profit, i.e. net of non-recurring items, up to 270 million euros against the 59 million achieved in the same period a year ago (consensus Bloomberg to 415.5 million) Adjusted Ebit, equal to 1.321 billion, is substantially in line with the first quarter of last year but has almost tripled compared to the end of 2020. On the occasion of the accounts, Eni approved the start of a strategic project in order to define and evaluate the business plan of the new corporate vehicle that will arise from the union of the retail and renewable energy activities. The study provides for the assessment of multiple options, including listing on the stock exchange through an initial public offering (IPO), or the sale or exchange of a minority stake.