Up Next


FTSE MIB Index: Saipem, Fondiaria-Sai, Marcolin, Popolare di Milano Move

Italy’s benchmark FTSE MIB Index fell for a second day, losing 43.65, or 0.2 percent, to 20,366.62 at the 5:30 p.m. close in Milan.

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

Assicurazioni Generali SpA (G IM) fell 2 percent to 14.72 euros, its second day of losses. The insurer forecast full-year operating income at the “high end” of a range of 3.6 billion euros ($4.8 billion) to 4.2 billion euros.

Generali also said it cannot make a bottom-line forecast for the year at this time because of “market movements.”

Deutsche Bank AG said in a note that “we believe that the market consensus estimates on 2010 net profits might be reduced going forward to take into account the financial markets’ volatility in the fourth quarter.”

Banca Monte dei Paschi di Siena SpA (BMPS IM) declined 1.9 percent to 85 euro cents. Royal Bank of Scotland Group Plc initiated coverage of Monte dei Paschi di Siena, Banca Popolare di Milano Scrl (PMI IM) and Unione di Banche Italiane SCPA (UBI IM) with “sell” recommendations.

“We acknowledge there are specific factors that mitigate Italian sovereign-risk concerns, but remain cautious on the outlook for Italian banks until the problems in weaker periphery countries are resolved,” the brokerage said in a note today.

Popolare di Milano fell 2.6 percent to 2.68 euros. UBI slid 1.9 percent to 6.75 euros.

Fondiaria-Sai SpA (FSA IM), Italy’s second-biggest insurer, fell 4.8 percent to 6 euros as insurance stocks were among the worst performers in Europe today. Unipol Gruppo Finanziario SpA (UNI IM) declined 3.6 percent to 46.1 euro cents.

Marcolin SpA (MCL IM) jumped 7.3 percent to 4 euros, its highest-ever price. Mediobanca Securities initiated coverage of the eye-wear maker with an “outperform” recommendation and a price estimate of 5.13 euros. The brokerage cited “improving fundamentals and recovery of the profitability gap thanks to the full benefits of the reorganization plan implemented over the last three years.”

Saipem SpA (SPM IM) rose 1.1 percent to 34.74 euros, gaining for a third day this week. Saipem and Kharafi Group of Kuwait signed a 1.4 billion-euro contract to develop the Jurassic oil field in the Persian Gulf country’s northern region, the official Kuwait News Agency reported. The field will produce 150,000 barrels of oil a day and Saipem will operate the field for five years under the contract signed today in Rome, the report said.

Separately, the company said in a statement that it won about $700 million in offshore contracts between 2011 and 2014 in the Gulf of Mexico and Kazakhstan.

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

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

Press spacebar to pause and continue. Press esc to stop.

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.