Breaking News

Tweet TWEET

Milan Borsa Drops for Second Day: Autogrill, Buzzi, Enel and Trevi Retreat

Italy’s benchmark FTSE MIB Index dropped for a second day, losing 230.43, or 1.1 percent, to 20,306.34 at 4:18 p.m. in Milan.

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

Autogrill SpA (AGL IM), the world’s biggest manager of airport and roadside restaurants, dropped 2.8 percent to 9.25 euros. Companies with sales in the U.S. retreated after more Americans than expected filed applications for unemployment benefits last week, increasing concern the recovery in the world’s biggest economy is slowing, and the Federal Reserve Bank of Philadelphia’s general economic index unexpectedly dropped in August, signaling the manufacturing rebound is slowing. Bulgari SpA (BUL IM), the world’s third-largest jeweler, fell 2 percent to 5.88 euros. Luxottica Group SpA (LUX IM), the world’s largest spectacle maker, declined 2.6 percent to 18.66 euros.

Buzzi Unicem SpA (BZU IM), Italy’s second-biggest cement maker, dropped for a second day, losing 1.9 percent to 7.67 euros. Holcim Ltd., the world’s second-biggest cement maker, said second-quarter net income dropped 12 percent to 399 million Swiss francs ($388.4 million) as demand for cement declined in Europe and the company had higher production costs and selling expenses. Italcementi SpA (IT IM), Italy’s biggest cement maker, retreated 2.1 percent to 5.91 euros.

Enel SpA (ENEL IM) lost 1.8 percent to 3.79 euros, a second day of losses. The Slovak unit of Enel, Italy’s biggest utility, offered to buy a 51 percent stake in Polish power group Enea SA.

Slovenske Elektrarne AS submitted a non-binding offer for the stake, a spokesman for the Slovak unit who declined to be identified said by e-mail today. He didn’t say what the offer was worth. Intermonte Sim SpA said in a note that interest by Enel could materialize only if the debt-reduction process doesn’t encounter obstacles.

Isagro SpA (ISG IM), a maker of herbicides and insecticides, climbed 15 percent to 3.15 euros before being halted. Shares of Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, rose 33 percent in three days after BHP Billiton Ltd.’s $40 billion hostile takeover offer.

BHP will likely offer more for Potash, UBS AG analyst Glyn Lawcock said in an interview on Bloomberg Television in Sydney. BHP may offer $150 to $160 a share for Potash Corp., he said.

Trevi Finanziaria SpA (TFI IM) sank 4.3 percent to 11.79 euros, the stock’s steepest decline in more than three weeks. Mediobanca Securities downgraded the engineering and oil-field services company to “neutral” from “outperform,” citing “delays in new orders.”

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.