Italian Stocks Drop; Ansaldo, Tenaris, Saipem, Generali, Buzzi Unicem Move
Italy’s benchmark FTSE MIB Index dropped for a third day, losing 236.24, or 1.1 percent, to 21,993.96 at the 5:30 p.m. close in Milan. Trading on the Italian exchange started 6 1/2 hours later because of “technical issues.”
The following stocks were among the most active in the Italian market today.
Ansaldo SpA (STS IM) sank 2.4 percent to 10 euros, retreating for the fourth day. Finmeccanica SpA (FNC IM)’s railway technology unit has about 10 percent of its order backlog in Libya, Gruppo Banca Leonardo said in a note.
Finmeccanica dropped 1.4 percent to 9.11 euros.
Assicurazioni Generali SpA (G IM) retreated 2.2 percent to 15.88 euros, extending yesterday’s loss. Luxottica Group SpA founder Leonardo Del Vecchio resigned from the board of Assicurazioni Generali.
Buongiorno SpA (BNG IM) surged 5.3 percent to 1.38 euros, the biggest gain in six weeks. Mediobanca Securities initiated coverage of the mobile entertainment company with an “outperform” recommendation and a price estimate of 1.88 euros.
Buzzi Unicem SpA (BZU IM) dropped 1.5 percent to 9.89 euros, the fourth straight loss for the stock. Equita Sim SpA downgraded Italy’s second-biggest cement maker to “reduce” from “hold.”
Tenaris SA (TEN IM), the producer of seamless steel tubes used in the oil industry, rose 1.2 percent to 17.43 euros. Oil climbed to its highest price in more than two years as investors speculated that Libya’s crackdown on anti-government protesters will disrupt the country’s oil production.
“The shares benefited from rising oil prices and the fact that unlike Saipem SpA (SPM IM), the company does not have orders in Libya,” said Alberto Magnani, a fund manager at Abbacus Sim SpA in Genoa, Italy. Saipem dropped 1.9 percent to 35.38 euros.
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