Italian Stocks: Intesa, Popolare, Prysmian, Seat, UBI, UniCredit

Italy’s benchmark FTSE MIB Index fell to the lowest since July 5, losing 529.93, or 2.7 percent, to 19,314.38 at the 5:30 p.m. close in Milan.

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

Ansaldo STS SpA (STS IM), Finmeccanica SpA’s railway- technology unit, declined for the first day in four, losing 2.8 percent to 9.91 euros. CA Cheuvreux reiterated an “underperform” rating on the stock “pending the investor day on Dec. 2.”

Assicurazioni Generali SpA, Italy’s biggest insurer, dropped 3.9 percent to 13.69 euros, the lowest since April 2009. Independent Research GmbH downgraded the stock to “sell” from “hold,” while Macquarie Group Ltd. initiated coverage with a “neutral” recommendation.

Fondiaria-Sai SpA (FSA IM), Italy’s second-biggest insurer, declined 5.7 percent to 5.45 euros, a sixth consecutive loss.

Autogrill SpA (AGL IM) increased 0.6 percent to 10.07 euros, advancing for a second day. Deutsche Bank AG initiated coverage of the world’s biggest manager of airport and highway restaurants with a “buy” rating. The brokerage set a price estimate of 12.5 euros, saying in a note that “due to its consolidated presence in travel locations in the U.S. and Western Europe, Autogrill is well positioned to benefit from the likely 230 million additional tourists in those regions by 2020.”

Banca Monte dei Paschi di Siena SpA (BMPS IM) fell 3.2 percent to 84.3 euro cents, the lowest since June 8, as Italian government bonds dropped relative to German bunds, sending the difference in yield between the two securities to a euro-era record. Banca Popolare di Milano Scrl (PMI IM) slid 1.1 percent to 2.72 euros, falling for a seventh day. Banco Popolare SC (BP IM) retreated 4.6 percent to 3.21 euros.

Intesa Sanpaolo SpA (ISP IM), Italy’s second-biggest bank, fell 4.1 percent to 2.04 euros. UniCredit SpA (UCG IM), the country’s biggest, dropped 3.5 percent to 1.54 euros. Unione di Banche Italiane SCPA (UBI IM) lost 4.7 percent to 6.45 euros.

Prysmian SpA (PRY IM) dropped 2.8 percent to 12.25 euros, snapping a three-day increase. China’s Tianjin Xinmao S&T Investment Corp. has financing for its offer to buy Draka Holding NV, Europe’s third-biggest cable maker, for 20.50 euro per Draka share through a commitment from China Minsheng Banking Corp.

Draka shareholders will be the ones to decide who will buy the Dutch cable maker, the Dutch ministry of Economic Affairs told the Italian ministry of Industry in response to questions about its stance over Prysmian’s agreed offer and counter bid by Xinmao of China.

Seat Pagine Gialle SpA (PG IM), Italy’s largest phone directory publisher, declined for a second day, losing 7.7 percent to 9.05 euro cents. Moody’s Investors Service downgraded to Caa1 from B2 the corporate family rating of Seat Pagine Gialle with a negative outlook.

Fiat SpA (F IM) dropped 3 percent to 12.8 euros after gaining as much as 1.7 percent as automobile shares were the worst performers in Europe today. Shares of tiremaker Pirelli & C. SpA (PC IM) and scooter maker Piaggio & C SpA (PIA IM) retreated 3.3 percent to 5.9 euros and 4.6 percent to 2.26 euros, respectively.

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

To contact the editors responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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