Milan stock exchange up 1.60% driven by defense and falling crude oil prices

The Milan stock exchange closed positively on Thursday, with the FTSE MIB index climbing 1.60% to 52,428.18 points. The gains were significantly boosted by a strong performance in the defense sector and a notable drop in oil prices, which reached four-month lows.

The broader FTSE Italia All-Share index also saw an increase, rising 1.52% to 55,127.95 points. During the trading session, 379 million shares changed hands, valued at approximately 4.49 billion euros ($5.14 billion).

The market benefited from the decrease in Brent crude prices, a key European benchmark, falling to around $70 per barrel. This decline was attributed to progress in indirect negotiations between the United States and Iran in Doha. Lower energy costs provided relief to the industrial sector and spurred buying activity. Optimism was further fueled by Germany's fiscal stimulus plan and expectations that the U.S. Federal Reserve would maintain stable interest rates following a weak U.S. employment report.

In the FTSE MIB index, the shipbuilding company Fincantieri led the advancers with a 6.78% increase. The defense giant Leonardo followed with a 6.52% gain. Other notable risers included banking group UniCredit (4.07%), utility and energy provider A2A (3.55%), and insurance group Unipol (3.23%). Conversely, the digital payment network Nexi experienced the largest decline, falling 1.51%. Other companies that registered losses included Tenaris (-1.21%), STMicroelectronics (-0.85%), Prysmian (-0.70%), and Diasorin (-0.54%).