2023-09-21 08:09:19
Shares of Italian lender UniCredit rose further on Thursday, reaching their highest level since January 2016 and consolidating their leading position as the euro zone’s best-performing banking stock in 2023.
UniCredit had gained 1.3% by 0756 GMT, taking year-to-date gains to 74%, making it comfortably the best performer in the STOXX euro banking index, followed by two other Italian lenders, BPER Banca and Banco BPM, which are up 55 and 37%, respectively, since the start of the year.
The bank’s surprise announcement on Wednesday to advance its share buyback plan to 2.5 billion euros for 2023 gave additional momentum to UniCredit’s rally.
“This move is largely unexpected and sends a message of confidence for the coming months despite the uncertain outlook: we believe UCG will continue to outperform in the short to medium term,” Deutsche Bank analysts wrote in a note.
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