Milan Stocks Decline; Buzzi, Mediaset, Pirelli, STMicroelectronics Move

Italy’s FTSE MIB Index declined 20.09, or 0.1 percent, to 20,562.63, ending the longest winning streak in more than three months, in Milan.

The following stocks were among the most active on the Italian market today.

Assicurazioni Generali SpA (G IM) gained 20 cents, or 1.3 percent, to 15.48 euros. “Insurance stocks were among those that suffered the most from the drop in equity markets and are now getting up to speed after the recovery of the last few days,” said Davide Manenti, a fund manager at Nuovi Investimenti in Milan. Fondiara-Sai SpA (FSA IM) gained 7 cents, or 0.8 percent, to 8.61 euros.

Buzzi Unicem SpA (BZU IM), Italy’s second-biggest cement maker, followed construction shares lower in Europe, falling 27.5 cents, or 3 percent, to 8.85 euros, ending a five-session gain.

FastWeb SpA (FWB IM) dropped 34 cents, or 2.5 percent, to 13.13 euros, ending a five-session gain. UBS AG cut its price estimate on the provider of Internet-based television and video- on-demand to 15 euros from 19.5 euros. The brokerage kept a “neutral” rating.

Mediaset SpA (MS IM) retreated 13 cents, or 2.6 percent, to 4.98 euros, the first loss this week. Italy’s biggest private television broadcaster lost a court challenge to a European Union decision forcing it to repay millions in subsidies for the purchase of digital-broadcast decoders. “Implications for Mediaset are very limited,” Cheuvreux said in a note. The brokerage kept the stock on its “selected list.”

Pirelli & C. SpA (PC IM), Europe’s third-largest tiremaker, retreated 0.95 cents, or 1.9 percent, to 48.1 cents, a second day of losses. Automobile stocks were the worst performers in Europe today. “European new car sales for May provided evidence of difficult momentum,” Manenti said.

STMicroelectronics NV (STM IM), Europe’s largest chipmaker, dropped 24.5 cents, or 3.4 percent, to 6.96 euros, the steepest decline in more than three weeks. Nokia Oyj cut the second- quarter outlook for its devices and services unit. Nokia is STMicro’s main client.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

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