The Milan Stock Exchange (-1.6%) closed sharply lower, in line with other European markets. On Piazza Affari, Stellantis (-5.2%) and Hera (-3%) slipped. The spread between BTPs and Bunds ended the session higher at 91 basis points, with the yield on the Italian ten-year bond rising to 4.43%.
The main index was weighed down by the banking and insurance sectors. UniCredit (-3%), Intesa (-2.1%), Banco BPM (-2%), BPER (-1.7%) and MPS (-1.5%) all performed poorly. Selling pressure hit Unipol (-2.7%) and Generali (-1.9%). The rise in gas prices weighed on utilities, with A2A shedding 2.6% and Enel falling 2%. It was a negative session for energy, with Saipem losing 1.5%, Eni (-0.6%) and Tenaris (-0.3%). Poste (-0.6%) and Tim (-1.6%) also declined ahead of the reopening of the public tender offer.
Going against the trend was the technology sector, where STMicroelectronics gained 2.3%. Prysmian also performed well (+0.6%). Luxury stocks were mixed, with Cucinelli rising 0.6% and Moncler falling 1.6%. Iveco was little changed (+0.01%).
