Italian bourse hits record capitalisation despite listing drought, Consob data shows

Record performance

Milan's stock exchange posted its best half-year among major European markets, with the FTSE Mib index climbing 15% and total capitalisation of Consob-supervised companies reaching an all-time high of 1,209 billion euros by the end of June. The figure was 132 billion euros above the end of 2025, an increase of 12.3% (27.3% year-on-year).

Banks were the primary engine of the rally, but the technology sector also contributed meaningfully despite its small weight. The state, which holds stakes in 15 listed companies, saw its portfolio swell: those companies' combined market value jumped from 310.3 billion euros at the start of the year to 394.8 billion euros by 1 July, an on-paper gain of 84.4 billion euros.

A thinner market

Behind the records, the exchange continued to contract. The total number of traded companies on Italian markets (Euronext Milan, Euronext Growth Milan and Vorvel Equity Auction) fell from 427 to 416. Euronext Milan lost three firms, dropping from 198 to 195, with no IPO and only one translisting from the growth market. Egm, the segment for small and medium enterprises, shrank by eight companies (from 211 to 203), marking a historic high in net delistings.

Since 2023, exits from the main market have consistently exceeded new admissions. Only four IPOs have taken place on Euronext Milan over that period, and the first half of 2026 saw effectively none.

State holdings diverge

The rally lifted most government-linked stocks, but not all. STMicroelectronics surged 189.2%, Saipem gained 80.5%, Poste Italiane advanced 32.5% and Eni rose 22.1%. On the losing side, Fincantieri dropped 32.2%, Rai Way fell 12.7% and Leonardo slipped 3.9%.

Trading activity

Equity trading volumes grew 18.3% to 519 billion euros, while ETFs, ETCs and ETNs surpassed 119 billion euros. The combination of rising turnover and a shrinking list of issuers underscored the concentration of liquidity in fewer names.