Record-breaking Milan Stock Exchange: why was Piazza Affari the best of the semester in Europe?

Piazza Affari queen of Europe, the rise of 19% But Milan still underestimated

In the last session of the semester and of the week, on 30 June, Piazza Affari had a bang. With an increase of 1.08% the Ftse Mib index reached 28,230 points, gaining 19% more in six months and reaching the levels abandoned since September 2008, at the time of the Lehman Brothers crisis. Above all, the numerous securities in the banking sector listed on the Ftse Mib index were driving the Milan price list, which recorded record results as a result of the new interest rates. Among the reasons for the success of Piazza Affari there is also the fact that the Milanese list continues to be traded at a significant discount compared to the European stock exchanges: the average price/earnings ratio of the Milan stock exchange is just 8.5 times against about 12 times of the Eurostoxx600 index of European large capitalizations. Also for the second half of 2023 we are very positive on the prospects of Piazza Affari, despite the rise in interest rates in the euro area and signs of a cooling down of the economic situation, explains Luigi Pedone of Valori Asset Management, who awards a double ++ to Piazza Business. The Milanese list continues to be traded at a significant discount compared to the European stock exchanges. The average price/earnings ratio of the Eurostoxx600 index of large European capitalizations is around 12 times, that of Piazza Affari just 8.5 times, explains Pedone. Among the sectors favored by the strategists, there are still banks, whose profits are confirmed to be very high, and industry, driven by exports. The other European markets also performed very well in the half-year: in Europe, behind the +19% of the Ftse Mib of Milan, the Ibex35 of Madrid is placed with a +16.6%, followed by the Dax40 of Frankfurt which scores a + 16% half-yearly. The Cac40 of Paris gained +14.3% and the Aex of Amsterdam +12.3%. London’s Ftse100 moved very little, gaining 1.1% in 6 months, confirming its marginalization compared to the financial trends of continental Europe.

01 Jul 2023

© Reproduction reserved