Milan Stock Exchange, Eni (+1.8%), analysts say price cap has limited impact

Below are the updates on trading in Milan:

13.50 – The voluntary price cap announced by Eni on fuel prices will have a limited economic impact and could help reduce the risk of a tax on excess profits, according to some analysts.

Equita estimates that the price cap could cost the group approximately €85-100m for one month of application, an impact it describes as “manageable” compared with expected earnings of around €10bn this year. If extended through the entire fourth quarter, the impact could rise to approximately €250-300m.

Banca Akros also estimates an impact of approximately €100m for one month.

Shares in the oil group are up 1.8% in a sector that is performing strongly today thanks to rising crude oil prices,

12.50 – Indexes are practically unchanged and hovering around the flatline in Milan. Trading volumes are very limited and have not reached €800m.

Futures on the main US stock indexes are also negative, signaling a lower opening on Wall Street this afternoon. Weighing on markets is the decision by US President Donald Trump to reject an Iranian proposal to end the conflict, triggering a surge in crude oil prices that has revived inflation fears and pushed Treasury yields higher.

Banks are weak, with the sector index down 0.3%. Oil-related companies are in the spotlight, with ENI and SAIPEM up between 1.8% and 1.6%. STELLANTIS is performing well, up 2.2%, with the stock rebounding after hitting a record low of €3.96 last week since the group’s creation in January 2021.

11.15 – TREVI jumps 3.35% to €5 after ICOP (-1.6%) raised its public exchange offer for the Italian engineering group, increasing it from 0.133 to 0.165 shares for each Trevi share tendered, a 24% increase, thus valuing each Trevi share at €5.165. Equita believes that “this improved offer significantly strengthens the attractiveness of the deal.”

10.30 – AMPLIFON jumps 4.8% to €11.96. In its daily report, broker Equita writes that it expects a third quarter “with solid organic growth and significant margin expansion.” Results are expected next October 29 after markets close.

10.05 – MAIRE gains 2.9% after Citi initiated coverage of the stock with a ‘buy’ recommendation and a target price of €18. The broker sees the engineering company as better positioned than its European peers to benefit from increased global spending on natural gas-related projects. The broker’s 2029 Ebitda estimate is 13% above the market consensus.

9.55 – DANIELI shares plunge more than 10% after the group’s full-year results for the year ended June 30 were released Friday after markets closed.

Intermonte sees a negative reaction in the stock today because the “results for 2026 and Ebitda estimates for 2027 are below expectations.”

9.50 – TIM falls 2.64%, while POSTE loses 0.66% following the conclusion of the public exchange offer, which saw Poste reach an 85.82% stake in Telecom Italia, missing the 90% threshold that would have allowed it to proceed with Tim’s delisting. A trader noted that the stock is being sold because the prospect of a short-term delisting is receding, although Poste’s goal remains to remove the shares from the Milan exchange.

9.40 – Trading opened flat to slightly higher in Milan in an international environment that remains tense. Oil prices are rising again, with Brent futures around $107 a barrel, driven by uncertainty over whether the US and Iran can reach an agreement soon.

According to a trader, markets are stuck in a trading range, and this situation could last at least until the US midterm elections in early November.

The Ftse Mib index is up 0.21%.

(Giancarlo Navach, with Claudia Cristoferi in the newsroom)