Summer has just begun but today’s session is typical of those seen in the height of summer, with many of the operators on vacation. Yet in Piazza Affari there was no lack of interesting ideas, especially in a sector that is preparing for a hot summer.
At Piazza Affari there were few ideas and reduced price movements among the highest capitalization stocks. Even in Europe, the stock exchanges moved little. The German stock exchange gained 0.2%, the French one 0.1%. London recovered with the Ftse 100 index which rose by 0.4%.
Piazza Affari closed down, the Ftse Mib (INDEX:FTSEMIB) lost 0.3% to end at 25,315 points. Today’s session was very similar to many other sessions seen previously. The starting price list starts well but immediately begins to lose ground. Then in the afternoon the prices recover and close near the values of the previous close.
Piazza Affari does not heat up but a hot summer is preparing for this sector
This is what happened in today’s session. Prices got off to a good start but soon after starting they started to go down. Arriving near the support at 25,200 points, they rebounded to close just below 25,400 points, another significant value for a few sessions.
Even today there are no banks on the Milan stock exchange. Fineco Bank was the best in the basket of the 40 largest stocks, but the stocks of the other credit institutions closed down. The two worst were BPER Banca with a drop of 1.3% and Banco BPM down by 1.7%. Fineco, on the other hand, closed with a gain of 1.9%.
If the banks failed, the fashion and luxury securities sector is preparing for the summer rally. Piazza Affari does not heat up but a hot summer is preparing for this sector. The sector is climbing thanks also to the LVMH stock which has been breaking record after record for weeks. ProiezionidiBorsa analysts focused on its potential: “This stock is soaring and many now want it for this reason“.
The rise in LVMH has a driving effect on other fashion stocks. Tod’s has been making significant increases for several sessions and Ferragamo today gained 2.4%. Brunello Cucinelli also rose by almost 2%, with prices that violated the psychological threshold of 50 euros.
Deepening
This the multidays analysis and the analysis of international markets by the ProiezionidiBorsa Research Department.
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