The relaunch driven by banks, energy and luxury
With +19% since the beginning of the year, it is the best stock exchange in Europe and returns to the levels of 2008 before the Lehman crash. We are talking about Piazza Affari. As Milano Finanza explains, “the Ftse Mib has jumped by 21% since the beginning of the year and by 41% from the lows of September. Despite the managers fearing a recession. After 15 years of attempts, the index now sees 29,000”.
As La Stampa explains, “the banking sector was above all the driving force, the sector that weighs the most on the Milan basket. The growth of financial and banking was driven by the increase in rates by the European Central Bank which, in order to tame inflation, has started to increase the cost of money since last summer. Banks and investment companies are the main beneficiaries of the new restrictive policy. This can be seen in the numbers of the last quarterly reports, with Intesa Sanpaolo and Unicredit presenting record results: since January, the shares of the two groups have gained 15% and 62% respectively”.
As the Press adds, “the energy sector also has a great influence on the Milan price list. Paradoxically, the energy crisis has brought oil big names such as Eni back to the fore (+24% in 12 months) but also companies such as Enel, strongly committed to renewable energy (+25% in the last year on the stock market). Even luxury has played its part. Made in Italy companies such as Ferrari, Moncler and Tod’s have ended up on the purchase list of large international funds and have risen between 30 and 40% since the beginning of the year”.
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