Italian stock market dynamics

In early July 2026, Italy’s state‑owned firms made up roughly one‑third of the Borsa Italiana’s total value, with fifteen companies accounting for about €395 billion – a 28.5 % rise since the start of the year. Medium‑size industrials continued to deliver the strongest long‑term returns, while the number of listed firms settled around 400 after peaking at 427 in 2023. Most new listings since 2000 have taken place on Euronext Growth Milan, underscoring the growth market’s role in recent IPO activity.

A later July snapshot showed the market reaching a new peak of €1.209 trillion in total market capitalisation – up 12.3 % from the end of 2025 and 27.3 % year‑on‑year – with the FTSE MIB index climbing 15 %, the strongest performance among major European exchanges. At the same time, the count of listed companies slipped to 416. The main market recorded no IPOs and the growth market posted a net delisting, reflecting scarce IPO activity since 2023 (only four new offerings). Commentary highlighted volatility in STM stock, falling oil prices, and Saipem’s €800 million contract wins in Côte d’Ivoire and Italy. The growth market also saw the debut of First Point, an SME listed with an initial post‑money valuation of roughly €4.1 million.

Together, the data illustrate an Italian equity market where public‑sector giants are expanding their weight, mid‑cap industrials dominate returns, and overall market value is soaring despite a continued contraction in the number of listed companies and limited new offerings.