Re: Market Update by Solidecn.com
FTSE MIB Hits 14-Year High; Tod's Shares Surge
Solid ECN - On Monday, the FTSE MIB index increased by roughly 1%, reaching 30,920, a level it hasn't seen since May 2008, inspired by positive developments from Wall Street. Investors were mainly watching the quarterly earnings reports, especially from companies in the manufacturing sector, while also paying attention to the future direction of monetary policy as they awaited inflation figures from the US.
In Milan, the luxury shoe brand Tod's shares jumped 18% after the announcement that private equity firm L Catterton plans to purchase a 36% stake from the Della Valle family to take the company personally. Other notable gainers included Saipem (up by 5.9%), Telecom Italia (up by 2.9%), and Brunello Cucinelli (up by 2.8%). Conversely, Saras, an oil refining company, saw its shares fall almost 4% following the news that commodity trading giant Vitol intended to buy out the Moratti family's share and take the company private, with the share price falling below the offer price of 1.75 euros per share.