Italy’s benchmark FTSE MIB Index declined 209.20, or 1 percent, to 21,338.64 at 4:05 p.m. in Milan.
The following stocks were among the most active in the Italian market today.
Fiat SpA (F IM) increased 22.5 cents, or 2.3 percent, to 10.12 euros, as carmakers advanced in Europe led by Bayerische Motoren Werke AG, which reported its largest net income in 2 1/2 years.
UniCredit Research reiterated a “buy” rating on Fiat.
Gemina SpA (GEM IM) lost 0.5 euro cents, or 1 percent, to 50 cents, paring a 2 percent gain yesterday. Intermonte Sim SpA trimmed its price estimate on the owner of Rome’s airports operator to 61 cents from 68 cents. The brokerage left its “neutral” rating unchanged.
Parmalat SpA (PLT IM) lost 2.5 cents, or 1.4 percent, to 1.83 euros, a seventh straight decline. Evolution Securities trimmed its price estimate on Italy’s biggest dairy-food company to 2 euros from 2.1 euros.
Safilo Group SpA (SFL IM) advanced 15 cents, or 1.7 percent, to 8.82 euros, extending gains of 4.1 percent yesterday. The world’s second-largest maker of glasses said its second-quarter net loss narrowed to 5 million euros ($6.6 million) from 137.7 million euros a year earlier.
BofA Merrill Lynch Global Research reiterated a “buy” rating, highlighting that margins moved “in the right direction for the second quarter.”
Telecom Italia SpA (TIT IM), Italy’s biggest phone company, increased for a second day, rising 1.1 cents, or 1.1 percent, to 1.03 euros. Credit Agricole Cheuvreux SA, which has a “sell” rating on the stock, said that second-quarter results at Tim Participacoes SA, Telecom Italia’s Brazilian mobile phone arm, were “good.”
Tiscali SpA (TIS IM) climbed 2.2 percent to 11.42 euro cents, the stock’s second day of gains. “The positive effect on net debt could support the Tiscali share price in the short term,” UniCredit Research said in a note after the phone and Internet company announced the release of the escrow account established at the time of the sale of Tiscali U.K. The brokerage has a “sell” rating on the stock.
UniCredit SpA (UCG IM) dropped 5.25 cents, or 2.4 percent, to 2.17 euros, paring yesterday’s gains. Italy’s biggest bank said second-quarter profit fell to 148 million euros from 490 million euros a year earlier, according to a statement distributed by the Italian exchange today.
That compared with a 225 million-euro median estimate by 19 analysts in a Bloomberg News survey.