Italian Stocks Decline; Bulgari, Fondiaria, Intesa, Italcementi Are Active
Italy’s FTSE MIB Index dropped 201.41, or 1 percent, to 20,609.03 in Milan, the first loss in four sessions.
The following stocks were among the most active on the Italian market today.
Ansaldo STS SpA (STS IM) advanced 31 cents, or 2.4 percent, to 13.48 euros, a second day of gains, after Finmeccanica SpA’s railway-technology unit won a 160 million-euro ($196.8 million) contract for the Naples subway system.
Banca Popolare di Milano Scrl (PMI IM) lost for a second day, falling 6.75 cents, or 1.8 percent, to 3.66 euros as a gauge for European banking stocks retreated after Fitch Ratings cut the credit rating for BNP Paribas SA, France’s largest bank. UniCredit SpA (UCG IM), Italy’s biggest bank, declined 3.9 cents, or 2 percent, to 1.92 euros.
Bulgari SpA (BUL IM), the world’s third-largest jeweler, ended a three-session gain, falling 16.5 cents, or 2.5 percent, to 6.39 euros. Luxury stocks dropped across Europe on renewed concern that Europe’s sovereign-debt crisis will hamper the economic recovery.
Swiss watch exports rose 13 percent in May, the Federal Customs Office said today in an e-mailed statement. Exane BNP Paribas noted in a research report that “low-end segments were again the best performers.”
CAD IT SpA (CAD IM) climbed 18 cents, or 4.4 percent, to 4.29 euros, the highest in more than a month, after the financial software company said it signed a letter of intent with Xchanging.
Cogeme SpA (COG IM) lost 1.9 cents, or 3.3 percent, to 55 cents, a second day of losses. The maker of machinery components was cut to “hold” from “buy” at Centrobanca.
ERG SpA (ERG IM) increased 10 cents, or 1 percent, to 9.85 euros. Italy’s biggest crude oil refiner by sales had its price estimate lifted to 12.3 euros from 11.9 euros at Goldman Sachs. The brokerage also increased its price projection on Saras SpA (SRS IM) to 2.1 euros from 2 euros. The brokerage kept a “neutral” rating on both stocks. Saras rose 2.1 cents, or 1.2 percent, to 1.79 euros.
Fiat SpA (F IM) retreated 11 cents, or 1.1 percent, to 9.51 euros, a first loss in four sessions. Workers at the carmaker’s Pomigliano d’Arco plant are holding a referendum on a labor agreement for the factory.
Fondiara-Sai SpA (FSA IM) fell 33.5 cents, or 3.9 percent, to 8.24 euros. Gruppo Banca Leonardo kept an “underweight” rating on Fondiaria, saying in a note that it “would be very surprised by a valuation exceeding 300 million euros” for the insurer’s unit Nuova Liguria.
Intesa Sanpaolo SpA (ISP IM) dropped 6.25 cents, or 2.6 percent, to 2.33 euros, a second day of losses. Intermonte Sim SpA cut its recommendation to “neutral” from “outperform.”
Italy’s second-biggest bank postponed an initial public offering of its Banca Fideuram SpA asset-management unit because of “unfavorable” market conditions.
Italcementi SpA (IT IM) fell 8.5 cents, or 1.2 percent, to 7.02 euros, ending a three-session gain. BofA Merrill Lynch Global Research added Italy’s biggest cement maker to its “least preferred” stocks in the European building construction industry.
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