Italian Stocks: Bulgari, Campari, Diasorin, Popolare, UniCredit
Italy’s benchmark FTSE MIB Index lost 483.88, or 2.4 percent, to 20,058.18 at the 5:30 p.m. close in Milan, the biggest retreat in six weeks.
The following stocks were among the most active in the Italian market today.
Banca Monte dei Paschi di Siena SpA (BMPS IM) declined 4.4 percent to 79 euro cents. Banca Popolare di Milano Scrl (PMI IM) lost 4.9 percent to 2.49 euros. Banco Popolare SC (BP IM) fell 4.1 percent to 3.18 euros. Intesa Sanpaolo SpA (ISP IM) declined 5.7 percent to 1.89 euros. UniCredit SpA (UCG IM) fell 3.7 percent to 1.47 euros.
Italian banks fell in line with peers in southern Europe amid ongoing concern Portugal may join Greece and Ireland in seeking a bailout from the European Union. Portugal and Ireland today led a surge in the cost of insuring against default on European sovereign debt to record levels, according to CMA.
Bulgari SpA (BUL IM) rose 3.2 percent to 7.93 euros, rebounding from last week’s 5 percent drop. The world’s third- largest jeweler was raised to “buy” from “neutral” at BofA Merrill Lynch Global Research, which cited the company’s “earnings momentum and upgrades potential.”
Davide Campari-Milano SpA (CPR IM) fell 2.7 percent to 4.81 euros, the largest drop since May. The maker of Wild Turkey bourbon was downgraded to “sell” at UBS AG.
Diasorin SpA (DIA IM) retreated 3.8 percent to 33.20 euros. Shares of the supplier of diagnostic tests were cut to “hold” from “buy” at Jefferies Group Inc. after a 30 percent rally in 2010.
Fiat SpA (F IM) rose 1.4 percent to 7.55 euros. The Italian manufacturer raised its stake in Chrysler Group LLC to 25 percent after the U.S. automaker met the first performance- related target in Chief Executive Officer Sergio Marchionne’s five-year turnaround plan.
Finmeccanica SpA (FNC IM) dropped 2 percent to 8.53 euros. Italy may replace Pier Francesco Guarguaglini as chairman and chief executive officer of Finmeccanica, the country’s largest defense company, according to newspaper il Giornale.
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