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Recordati and Enel report increased income amid bearish European markets

EditorPollock Mondal
Published 11/08/2023, 08:00 PM
Updated 11/08/2023, 08:00 PM
© Reuters.

In a bearish European market, companies such as Recordati and Enel (BIT:ENEI) reported better-than-expected nine-month results, showing resilience amidst the downturn. On Wednesday, the broader Stoxx 600 index experienced a 0.3% drop, with major indices such as FTSE Mib, FTSE 100, CAC 40 and DAX 40 also declining.

Recordati shares rose 1.2% after announcing a year-on-year (YoY) net income increase to EUR304.5 million for the first nine months of the year. Similarly, Enel's shares increased 1.1% following a YoY net ordinary income rise to EUR5.03 billion for the same period.

Despite Banca Monte Paschi Siena reporting a net profit of EUR929 million compared to a loss of EUR334 million YoY, its shares fell by 0.8%. Meanwhile, UniCredit's green bond issuance attracted over EUR2 billion demand from global investors.

Other companies such as Technoprobe and Salcef Group saw their shares rise following positive earnings reports, while Zignago Vetro shares rose by 1.3% after reporting an 18% YoY revenue increase to EUR545.9 million for the first nine months.

In contrast, Softlab and Gabetti shares increased, while Banco BPM's shares fell by 3.2% despite a positive net profit report of EUR943.4 million. Mondo TV shares fell by 7.5%, while Casta Diva shares rose after announcing the acquisition of Akita Srl.

In New York, the Dow, S&P, and Nasdaq gained during European night trading hours. The euro traded at USD1.0682, and the pound was worth USD1.2273. Brent crude traded at USD81.54 per barrel and gold traded at USD1,967.85 an ounce.

Investors are now turning their attention to upcoming corporate results from Almawave, BPER Banca, Buzzi, Telecom Italia (BIT:TLIT) and Tod's along with Italy's retail sales data. The performance of these companies and the state of the retail sector are expected to provide further insight into the health of the European economy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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