Taking advantage of the stop on the European markets for the Easter holidays (which will last until Monday 1 April), it is time to take stock balance sheets for this first quarter of 2024. A window which, in the wake of what was already seen in February, still sees the our Piazza Affari, which has won the title of queen of Europe since the beginning of the year.
At its highest level since 2007 and close to breaking the wall of 35 thousand points, the Ftse Mib, the main index of the Italian Stock Exchange, closed this quarter with growth of 14%, thus surpassing the excellent performances achieved by the Aex (+12% ), the Ibex 35 (+10%), the Dax (+10%), the Cac 40 (+9%) and the Ftse 100 (+3%). An important push dictated mainly by what are historically the most traditional sectors: banking, energy and infrastructure, automotive and defense, also by virtue of the continuous geopolitical uncertainty. Stocks active in the fashion sector also performed very well.
Italian Stock Exchange: the best stocks of the Ftse Mib quarter
Looking at the best stocks of this first quarter of 2024 of the Ftse Mib, it is Iveco Group to conquer the top and therefore wear the pink jersey of Piazza Affari, thanks to a 68.59% rally dictated primarily by the 2023 accounts, closed with 16 billion euros in turnover, equal to 940 million euros in adjusted ebitda (up 413 million euros compared to 2022) and 325 million euros of adjusted net profit (127 million more than 2022). And, secondly, by the new strategic plan which outlined the objectives for 2028.
Among these: net revenues of approximately 19 billion euros (the previous target was between 16.5 and 17.5 billion by 2026), adjusted ebit margin between 7 and 8% (previous target between 5% and 6% , stood at 5.8% in 2023), and free cash flow of approximately 0.9 billion euros. Furthermore, in a note, the company added that “at the end of 2023 it had already achieved the objectives set for 2026, or was ahead of the trajectory for their achievement”.
In second place in this particular ranking we find Leonardo which has gained 55.35% since the beginning of the year. Recently, in fact, the company declared that in 2023 it had recorded an increase in revenues of 3.9% to 15.3 billion, an increase in profits before taxes, interest and depreciation of 5.8% to just under 1.3 billion euros, the value of orders growing by 3.8% to 17.9 billion euros, and net debt at 2.3 billion euros, i.e. a clear decrease of 23% compared to 2022.
Iveco, queen of Piazza Affari
A curiosity? Iveco and Leonardo are linked by a very particular common thread. A few weeks ago, in fact, rumors arose regarding the possible interest of the company directed by CEO Roberto Cingolani in the defense vehicles unit of Iveco (IDV – Iveco Defense Vehicles). Operation which, according to The sun 24 hours it would have a value of 750 million euros, and which could favor the merger between the respective activities (Oto Melara for Leonardo) and allow Italy to compete in the European panorama dominated by the Franco-German axis.
Closing the top 3 of the Ftse Mib we find Saipem, with a growth of 52.93% since the beginning of the year. A performance driven by several factors. Among these, the financial results of 2023 stand out, closed with 11.87 billion euros in revenues (up 19% compared to the 9.98 billion obtained in the previous financial year), 179 million euros in net profits (in 2022 they were in the red by 209 million euros) and 17.66 billion euros in new orders (compared to 12.94 billion the previous year); the 2024 guidance and the update of the 2024-2027 strategic plan which promises a return to the dividend set in 2025 and an order intake of 18 billion euros; and the upward revision of the target price from 2.50 to 2.90 euros by analysts Barclays.
The top 5
- Iveco Group: 68.59%
- Leonardo: 55.35%
- Saipem: 52.93%
- Unipol: 50.25%
- Bper Banca: 44.35%
The 5 worst stocks on the Ftse Mib
- Telecom Italia: -23.71%
- Nexi: -20.87%
- Erg: -19.62%
- STMicroelectronics: -11.99%
- A2A: -10.14%
Meanwhile, gold and cocoa are flying to highs (and watch out for uranium)
If Wall Street is also continuously setting new records overseas, driven above all by the boom in artificial intelligence, it is also interesting to note the rally in three raw materials, very different from each other, but which are nevertheless unleashing the markets. We are talking about gold, cocoa and uranium. The latter, for example, reached the highest levels of the last 16 years in the wake of the ‘rediscovery’ of nuclear energy by many countries and the worsening of geopolitical conflicts.
READ ALSO: “The nuclear race pushes uranium to highs. And the EU and the US continue to buy it from Russia”
Always considered the ‘safe haven’ par excellence, gold has recently broken through the wall of 2,200 dollars an ounce, an absolute record which has thus updated its historical highs. A very long-term bullish trend (started in 2020) which, as he explains David Pascuccimarket analyst at XTB, could characterize the whole of 2024. “Furthermore, we must place emphasis on the market situation at a macroeconomic level, i.e. Western economies with high interest rates and very low unemployment rates which force operators to seek coverage of risk on dedicated assets, such as government bonds and precious metals, primarily gold”, adds Pascussi.
In the same vein we find icocoa, which only a few days ago came to trade above 10 thousand dollars per ton on the futures market in New York, even exceeding the prices of copper (which trades around 9,300 dollars per ton). On the case, there were various comments and reactions from analysts, but also from entrepreneurs. Riccardo Illy, president of Polo del Gusto (whose parent company is Domori, a company producing high quality chocolate products), declared for example that “this is an unprecedented surge, dictated by a combination of natural, economic and financial factors” .
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