These stocks ruled the FTSE MIB index in Q1’24

By:
on Mar 30, 2024
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  • The FTSE MIB index has surged hard in 2024.
  • It has continued the bullish momentum it formed in 2023.
  • Leonardo, Iveco, and Saipem are the top performers.

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The FTSE MIB index has done well in 2024, continuing the bullish momentum that has been going on since 2020. It jumped to a high of €3,350 in March, a big increase from January’s low of €2,940. It has soared from the pandemic low of €1,359.

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Italy’s economy is booming

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The FTSE MIB index has jumped sharply this year, helped by the strong performance of the Italian economy. Recent data revealed that the economy expanded by 0.5% in Q4’23, beating other European countries like Germany and France.

Italy’s inflation has also been in a strong downtrend. Data published by the statistics agency shows that the headline inflation stood at 1.3% in February, lower than the median estimate of 1.4%. This inflation is much lower than the ECB’s target of 2.0%.

There are also strong inflows from foreigners and the European Union. The country received over €102 billion from the EU Covid-19 recovery fund, of which it has spent over 45% of it. US investors have also boosted their investments in Italian equities, which they believe are undervalued.

To be clear: Italian stocks are not the only ones surging. In Germany, the DAX index has surged to a record high. It has risen in the past eight weeks, the longest stretch in years. In France, the CAC 40 index has also soared to over €8,300.

FTSE MIB top stocks

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leonardo vs saipem vs unicredit

Saipem vs Leonardo vs Unicredit vs Iveco

Unlike US equities, the FTSE MIB index surge has been broad-based, with most companies being in an uptrend. 

Iveco Group, the giant bus and truck maker, has been the best-performing stock in the FTSE MIB index. It has jumped by almost 70% this year, joining other truckmakers like Daimler Trucks and PACCAR. This performance is mostly because of the rising demand for trucks. However, as I wrote on Friday, Cummins, a big engine manufacturer, has warned that demand will start retreating.

Leonardo’s stock price has jumped by over 55% this year, making it the second-best-performing company in the FTSE MIB index. The company has soared because of the rising demand for its products amid geopolitical tensions. Leonardo is a big defense player, which makes products like helicopters, aircraft, and other electronics.

Saipem’s share price has soared by over 53% this year. For starters, Saipem is a leading company that provides services to oil and gas companies. It has done well as demand for oil and gas remains at an elevated level.

The other top-performing companies in the FTSE MIB index were Unipol, Unicredit, Ferrari, and Banco Bpm. On the other hand, the main laggards in the index are Telecom Italia, Nexi, ERG, and A2A.

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