Italy’s benchmark FTSE MIB Index dropped to the lowest level since August, falling 300.3, or 1.5 percent, to 20,090.97 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Buzzi Unicem SpA (BZU IM) gained for a third day, rising 0.8 percent to 7.91 euros, the best performance on the FTSE MIB Index. Equita Sim SpA upgraded Italy’s second-biggest cement maker to “buy” and added the stock to its “main portfolio.” The brokerage said that cement prices in Italy have stopped falling and cement volumes show signs of a rebound.
Exprivia SpA (XPR IM) surged 3.3 percent to 90.1 euro cents, ending two days of losses. The company agreed to buy a 51 percent stake in ProSAP, a Spanish company that integrates SAP AG software with other IT systems, according to a statement distributed by the Italian exchange. Exprivia will pay 652,000 euros ($893,044) and as much as 1.6 million euros by 2015 for the stake, it said.
Fiat SpA (F IM) dropped the most in more than seven weeks, falling 2.6 percent to 10.96 euros. Fiat’s car sales in Italy dropped 26 percent to 44,161 units last month, from 59,934 a year earlier, the Transport Ministry said on Oct. 1. Sales of the Alfa Romeo brand increased 0.7 percent to 4,699.
Intesa Sanpaolo SpA (ISP IM) lost 2.3 percent to 2.32 euros, the stock’s second day of losses. BofA Merrill Lynch Global Research removed Italy’s second-biggest bank from its list of “most preferred” European banks.
Mediaset SpA (MS IM) declined for a fifth day, losing 3.2 percent to 5.02 euros. Mediobanca Securities removed Prime Minister Silvio Berlusconi’s television broadcaster from its “recommended portfolio.” The brokerage wrote that the company’s shares have “no catalyst in the short term.”
Mediolanum SpA (MED IM) dropped for a second day, falling 2.3 percent to 3.13 euros. The financial-services company partly owned by Berlusconi had its price estimate trimmed to 4.20 euros from 4.50 euros at Mediobanca Securities, which reiterated an “outperform” rating.
Pirelli & C. SpA (PC IM), Europe’s third-largest tiremaker, retreated 1.9 percent to 5.85 euros, its second day of losses, as automobile shares were the worst performers in Europe.
STMicroelectronics NV (STM IM), Europe’s biggest chipmaker, sank 3 percent to 5.34 euros as the Philadelphia Semiconductor Index declined for the third day.
To contact the editor responsible for this story: David Merritt at firstname.lastname@example.org.