Milan stock market dips 0.17% amid Hormuz uncertainties

The Milan stock exchange experienced a downturn, closing with its selective FTSE MIB index down 0.17% at 53,446.80 points. This decline followed several sessions near record highs and was primarily influenced by market volatility surrounding events in the Middle East and the Strait of Hormuz.

The broader FTSE Italia All-Share index also retreated, losing 0.13% to settle at 56,116.09 points. During the trading session, 383 million shares changed hands, with a total value of approximately 3.94 billion euros (around $4.55 billion).

Leading the market gains were companies in the fashion and banking sectors. Brunello Cucinelli saw a significant rise of 1.84%, followed by Banca Monte Paschi Siena, which gained 1.64%. Leonardo and Mediobanca also posted positive results, increasing by 1.54% and 1.49% respectively.

Conversely, the telecommunications company Inwit registered the largest losses, falling 2.78%. Naval shipbuilding firm Fincantieri was down 2.27%, while automotive manufacturer Stellantis dropped 1.82%, and technology firm Stmicroelectronics declined by 1.59%.