Business · Markets · 11 hrs ago
Some Italian small-cap stocks outperformed the broader market
Italy’s main FTSE MIB index fell 2.4% in the month described, while some smaller listed companies gained.
Euronext Growth Milan, a market for smaller growth companies, rose 0.7% in September, and Italy’s small-cap index gained 1.7%; mid-cap shares fell 1.9%.
In October, the gap widened, but results varied widely between individual companies.
Officina Stellare rose 80.6% in the month, with the space and defence optics maker also reporting a larger space order book and plans to expand production.
Logistics software company Circle gained 17.7%, and its products are incorporating machine learning and generative AI.
Energy services firm Tecno and jewellery maker Fope also rose, while AI developer Expert.ai had gained only 3.8% since the start of the year.
The gains were concentrated in a few companies, and the figures show that a strong small-cap market does not mean every company is rising.
Some Italian small-cap stocks outperformed the broader market, even as the FTSE MIB fell.
In September, the Euronext Growth Milan index rose 0.7% and the small-cap index gained 1.7%, while medium-sized companies fell 1.9%.
The gap widened further in October, with gains concentrated in a selection of companies.
Officina Stellare led the selected stocks, rising 80.6% over the latest month.
Circle and Tecno also posted strong monthly gains, supported by business activity in logistics and energy services.
- Who
- Italian small-cap companies, including Officina Stellare, Circle and Tecno.
- What
- Some small-cap stocks outperformed the broader market. Gains varied widely among companies.
- When
- The article was published on October 26, 2026. It compares September and October performance and reports gains over the latest month.
- Where
- Piazza Affari and the Euronext Growth Milan market in Italy.
- Why
- The article links selected companies’ performance partly to trends such as artificial intelligence, semiconductors and energy, and partly to their individual business stories.
This story does not have two clearly opposing sides.
The Euronext Growth Milan index rose 0.7% and the small-cap index rose 1.7%, while medium-sized companies fell 1.9%.
The gap between the performance of smaller and larger companies widened further.
- FTSE MIB
- Fell 2.4% in the month described
- Euronext Growth Milan
- Rose 0.7% in September
- Small-cap index
- Rose 1.7% in September
- Officina Stellare
- Rose 80.6% over the latest month and 94.6% since the start of the year
- Circle
- Rose 17.7% over the latest month and 103.2% since the start of the year
- Tecno
- Rose 29.1% over the latest month and 68.2% since the start of the year
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