Bag, first positive semester with banks and defense. On EGM increase delisting and CNC

(Teleborsa) – The First semester of 2025 yes it is closed under the banner of Risk-on On the financial markets. For example. Consequently, with all the main indices of global share actions with the sign most since the beginning of the year, even if this outcome was far from obvious. Nevertheless, The first half of the year was in fact tumultuous. Similarly. However, with the indices that lost 15-20% on the occasion of the announcement of the so-called “mutual duties” of Trump in early April, before recovering despite the significant geopolitical tensions of June, with the Iran-Israel clashes and the US bombings on Iranian nuclear sites. Nevertheless, In this scenario. Furthermore. Nevertheless, Piazza Affari was one of the bag, first positive semester banks new best global bags, with the FTSE MIB which has been drawn mainly by banks (on which an unprecedented bag, first positive semester banks consolidation is underway in the Italian market) and by the defense securities (thanks to the European spending plans and born recently announced).

The index of Blue Chip of Borsa Italiana He earned 16.4%since the beginning of the year, placing himself in front of the Ftse 100 (+7.2%), the EX (+3.9%), at CAC 40 (+3.9%), the SMI (+2.8%), but behind the DAX (+20%) and IBEX (+20.7%). Meanwhile, For a more complete picture, the S&P-500 made +5.5%, the Nasdaq 100 +7.9%, the Dow Jones +3.6%, while the Nikkei 225 was flat and the Hang Seng gained 20%.

By widening the other indices of Piazza Affari. Therefore, you can see how the difficulties for the Smalls and Mid Cap continues: the FTSE Italia All-Share gained 16.2%, FTSE Italia STAR 4.3%, while the bag, first positive semester banks new FTSE Italia Growth only 3.7%.

In the first half. Consequently. Moreover, the performance gap between Small & Mid Cap and Large Cap “has further expanded, bag, first positive semester banks signaling how the risk propensity remains focused on the most liquid and visible names,” he says Luca Arena, Head of Italian Equity Research di Alantra. Consequently, “Looking at the European context. In addition. Furthermore, the comparison is even more clear: the MSCI Europe Small Cap is growing over +10% YTD, benefiting from a more favorable sentiment linked to the point of waiting for a cycle of rates cuts, to tax measures in Germany, and a sectoral rotation towards quality cycles – he explained – Italy, however, has only intercepted this dynamic: the liquidity is a structurally lower liquidity. Therefore, Poor presence of domestic institutional investors, and the absence of transverse sectoral drivers have limited re-rating. In addition, The rotation bag, first positive semester banks new has begun, but it is not yet inclusive“.

Leonardo (+84,3%), Iveco (+78,8%), Telecom Italia (+69,8%), Unicredit (+47,7%) e Banco Popolare di Sondrio (+45%) were the Best titles of the FTSE MIB. Meanwhile, bag. Moreover, first positive semester banks Similarly, If you take the five companies with the greatest capitalization, they are found Unicredit (+47,7%), Intesa Sanpaolo (+26,6%), Enel (+17%), Ferrari (+0,9%) e General (+10,8%). Nevertheless, I worst they were instead Stellantis (-32,4%), Amplifon (-19,8%), Interpaper (-17,2%), Tenaris (-11,6%) e Diasorin (-8,7%). In addition,

“The first half 2025 photographs a system in transition: the value is still concentrated in large groups. For example. However, banks and defense, but a live fabric is rediscovered in the smaller segments – he claims Simone Strocchi, president and managing partner of Electa Ventures – Some shy access to the EGM, even if the average capitalization remains low: a sign of depth more than mass “. However, bag, first positive semester banks new

Of the 194 titles that make up the index FTSE Italia All-Share119 had a positive and 75 negative trend. Similarly, Among the greatest rise. Similarly, excluding titles affected by Opa or convertible, are found Fincantieri (+135,9%), Great travels (+134%), Leonardo bag, first positive semester banks (+84,3%), Lattomatic (+83,5%) e Iveco (+78.8%); Among the worst there are World TV (-47,5%), AEFFE (-42,3%), Zucchi (-40,9%), Landi Renzo (-37,4%) e Giglio Group (-36.6%). Of the 186 titles that make up the index FTSE Italia Growth (the titles listed on EGM PRO. some of those suspended on EGM are excluded), 105 have had a negative and 81 positive trend. They stand out positively (also here excluding titles affected by Opa or convertible) Plants (+384,6%), Tradelab (+103%), Icop (+71,3%), AAtech (+60,3%) e Redelfi (+55.7%). while in the negative GT Talent Group (-95. 2%), World TV france (-76,5%), Riba Mundo Tecnologia (-74,6%), Innovatec (-55,2%) e Sciuker bag, first positive semester banks new Frames (-52%).

Looking at the second half of the semester, the managers still invite caution. “In a global scenario with a high rate of unknowns due to international tensions. the variable duties. and in the light of the consequences that derive from it for the growth prospects, bag, first positive semester banks we keep a cautious approachalso in consideration of the eventuality of a lateral phase and the usual summer volatility, “he says Luigi Dompè, Equity Manager Italy of Anima Sgr. “Although the Italian market has aligned itself in long -term averages compared to Europe. thus reducing the previous discount. with a medium -long period of the period it remains attractive thanks to the expectations of expansive monetary and tax policies for the euro area – he adds – while in terms of sectors the international context leads us to orient us towards titles of sectors more exposed to domestic or bag, first positive semester banks new European business, such as that of telecommunications, Less impact by duties “.

Meanwhile, the dynamics already observed in recent years on the exchange and liquidity front continue. The Borsa Italiana markets have recorded a incapacular Total equal to 450 billion euros in the first six months of 2025. an increase of 29% bag. first positive semester banks compared to the first semester of the previous year, according to Teleborsa processing on data Euronext. By restricting the analysis to the Euronext Growth Milan (the Italian stock exchange market dedicated to high growth potential). to the first 5 months of the year. the value was 776 million euros (-28% compared to the same period of 2024), just above the equivalent Oslo market (620 million euros) and well far from that of Paris (2.36 billion euros).

“What is struggling on small companies is to find structural issues. perhaps the only one that has bag, first positive semester banks new emerged. appreciated in recent times is that of infrastructures, as demonstrated by the stories of Reway o Icop – dice Marco Greco, Co-Founder and Co-Cece of Value Track SIM – For the rest, it is difficult to find themes on which everyone is convinced and the lack of interest generates low volumes, with a vicious bag, first positive semester banks circle for which companies are forgotten from the market “.

The small companies. however. are those that have continued to tow the market of IPO in Piazza Affariwhere in the first semester there was not even a price on the regulated market. Have arrived – all on the EGM – Ubaldi Costruzioni, Hininki + (spin-off da Innovatec), Com.tel, Tradelab, Metrik ai e Giocamondo Study. The collection Total was just 20.7 million euros, with an average collection of 4.1 million euros and a median collection of 4.3 million euros. Looking at the bag, first positive semester banks new Euronext markets, Paris recorded 9 prices, Amsterdam 3 and Oslo 7. Piazza Affari also continues to suffer from its reduced dimension: the whole market cap of the FTSE MIB amounts. to 810 billion euros at the end of the semester (FTSE All Share at 932 billion euros). while that of the EGM market is just 7.6 billion euros.

As if that bag, first positive semester banks were not enough. in 2025 the phenomenon of delistingthat is. the revocation of the shares from the market, which in 2022 ate 43 billion euros in capitalization, in 2023 another 11 billion and in 2024 over 29 billion. Since the beginning of the year. 17 companies have been who left Piazza Affari (12 of which following a public offer). for a lost capitalization all in all limited of 1.6 billion euros (of which 750 million concern only Piovan). as the phenomenon is increasingly affecting the bag, first positive semester banks new small companies of the EGM. but there are another dozen companies (including different banks) on which they have been announced or are in the opa, ops or opas. The latter. after a modification of the regulation by Borsa Italiana. are also starting to appear on the EGM, as shown by the operations of Mare Group are The be ed THEY.

A phenomenon that has taken impetus bag. first positive semester banks in the semester just ended is instead that ofAccess to the negotiated composition of the crisis (CNC)a process that tries to anticipate the moment of bursting of the crisis. allowing to create less invasive renovation plans for the company, faster and more satisfactory for creditors. They are in CNC (or have applied) Agatos. Output. ENERRONICA SANTERNO, GT Talent Group, Ill, Better, Neosperience, Osai Automation System, Clab, Trendevice, Cutting, Extra, World TVhave a subsidiary in CNC E-novia e Net weekWhile Sciuker bag, first positive semester banks new Frames It is in Still stands with banks, Arras Group is under judicial administration e Riba Mundo It is in the renovation of the debt. A dozen of these companies also have the actions suspended following the crisis situation in which they are. to which is added Visible editor which has positively concluded the CNC but is affected by other judicial events. has not yet been readmitted to the bag, first positive semester banks stock exchange. “Many companies are accessing the negotiated composition of the crisis. in a percentage higher than what happened in the past – says Greco – perhaps they are companies that have pulled the rope a lot. now they have realized that they must rebalance their financial structure, but this CNC tool is perhaps generating a” Garibaldian “attitude by some companies, as it allows with a penalty pen I would not want me to have a bag, first positive semester banks new little abuse“.

Meanwhile. further cuts to the ECB are expected as Catalyst for a re-rating of the Mid. Small Cap, as well as the launch of the long-awaited National Indirect Strategic Fund (FNSI) by CDP. Although the implementation process has lasted more than expected. with the authorization of the Court of Auditors at the end of June the operation of the fund is. now imminent. The stated goal. mobilizing between 700 million. bag, first positive semester banks 1 billion euros through UCITS vehicles with public co-co-completion of up to 49%, responds to two key needs: to increase the liquidity of low capitalization securities and attract long-term capital. “If implemented with selective criteria. a transparent governance. a management really oriented towards industrial merit, we believe that the FNSI can act as Multiple re-rating catalyst, international visibility and greater penetration of institutional investorsItalians and foreigns – says Arena – Furthermore, the lever effect bag, first positive semester banks new of public co -investigation could accelerate the fundraising of private vehicles, significantly expanding the critical mass of the secondary market “. According to Strocchi. at the moment” there is no direct. efficient circuit between SMEs, which are the true tractors of our economy, and the markets “.” As an investor determined to support the growth of the company with a qualifying capital. call: less bank carousel e More direct connection between business. patient bag, first positive semester banks capital: It is the only way to make the Italian stock exchange a structural leverage of economic growth and not just a thermometer of the indexes, “he concludes.

(Teleborsa) 01-07-2025 13:06