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Italian Stocks Decline; Azimut, Italcementi, Mediaset, Snam, Unipol Move
Italy’s benchmark FTSE MIB Index fell for a second day this week, declining 367.99, or 1.9 percent, to 18,943.76.
The following stocks were among the most active in the Italian market today.
Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, dropped to its lowest price since July last year, losing 43 cents, or 6.3 percent, to 6.40 euros as the Stoxx Europe 600 Index fell to its lowest level in more than five weeks.
Banca Generali SpA (BGN IM), the asset-management arm of Assicurazioni Generali SpA, declined 21.5 cents, or 2.7 percent, to 7.67 euros.
Buzzi Unicem SpA (BZU IM), Italy’s second-biggest cement maker, dropped 24.5 cents, or 3 percent, to 8.04 euros, a third consecutive loss. Gruppo Banca Leonardo cut its price estimate to 9 euros from 10.20 euros on the shares and kept an “underweight” recommendation. The brokerage said in a note that it remains “cautious on the quite dull cement sector given the uncertain macroeconomic development, especially in Europe.”
Italcementi SpA (IT IM) sank 30 cents, or 4.8 percent, to 5.98 euros, its lowest price since October 1998. BofA Merrill Lynch Global Research trimmed its price estimate on the ordinary shares of Italy’s biggest cement maker to 6 euros from 7.80 euros and kept an “underperform” rating. The brokerage also cut its recommendation on the savings shares to “underperform” from “neutral.” The savings shares dropped 18 cents, or 5 percent, to 3.42 euros.
Fiat SpA (F IM) dropped 33.5 cents, or 3.9 percent, to 8.18 euros as automobile stocks were the worst performers in Europe today.
Mediaset SpA (MS IM) plummeted 18.25 cents, or 3.9 percent, to 4.51 euros, its lowest price since Nov. 5, as the broadcaster owned by Prime Minister Silvio Berlusconi said it will cut pay- television prices after rival Sky Italia SpA lowered its own prices. The company also said that first-half advertising sales in Italy rose 5 percent.
Snam Rete Gas SpA (SRG IM) rose 7 cents, or 2.1 percent, to 3.35 euros, snapping a two-day loss. Morgan Stanley upgraded the owner of Italy’s natural-gas grid to “overweight” from “equal weight” and named the company as its “top European pick among regulated names, which offer refuge amid rising uncertainty.”
Tesmec SpA (TES IM) lost 14 euro cents, or 20 percent, to 56 cents. The maker of machines used to build and maintain power lines and pipes started trading today at an initial public offering price of 70 cents.
Tiscali SpA (TIS IM) fell 0.5 euro cents, or 4.3 percent, to 11 cents, a ninth straight loss. The phone and Internet company had its price estimate cut to 15 cents from 22 cents at Equita Sim SpA.
Unipol Gruppo Finanziario SpA (UNI IM) sank 2.55 euro cents, or 4.6 percent, to 52.8 cents. Deutsche Bank AG cut its price estimate on the insurer to 58 cents, saying that while the company will “be able to deliver its 2012 business plan targets, the market has already priced this in.”
To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.
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