Abengoa Hits Three-Year Low on Italy Solar Cuts: Madrid Mover
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Abengoa SA, the Spanish low-carbon energy developer, fell to its lowest in almost three years in Madrid as Italy’s solar subsidy cuts raised investor concerns that other euro nations may reduce support for the industry.
Abengoa fell as much as 5.8 percent and traded 4.1 percent lower at 11.49 euros at 12:39 p.m. in Madrid today. Spain’s benchmark Ibex-35 index dropped 2 percent after the financial system’s reliance on central bank funding leaped.