Italy’s benchmark FTSE MIB Index declined 41.15, or 0.2 percent, to 21,506.69 at the 5:30 p.m. close of trading in Milan.
The following stocks were among the most active in the Italian market today.
Fiat SpA (F IM) increased 30.5 cents, or 3.1 percent, to 10.20 euros, as carmakers advanced in Europe led by Bayerische Motoren Werke AG, which reported its largest net income in 2-1/2 years.
UniCredit Research reiterated a “buy” rating on Fiat.
Mediaset SpA (MS IM), Prime Minister Silvio Berlusconi’s television broadcaster followed European media stocks lower, declining 13 cents, or 2.6 percent, to 4.9 euros.
Parmalat SpA (PLT IM) lost 2.1 cents, or 1.1 percent, to 1.83 euros, a seventh straight decline. Evolution Securities trimmed its price estimate on Italy’s biggest dairy-food company to 2 euros from 2.1 euros.
Safilo Group SpA (SFL IM) advanced 45 cents, or 5.2 percent, to 9.12 euros, extending gains of 4.1 percent yesterday. The world’s second-largest maker of glasses said its second-quarter net loss narrowed to 5 million euros ($6.6 million) from 137.7 million euros a year earlier.
BofA Merrill Lynch Global Research reiterated a “buy” rating, highlighting that margins moved “in the right direction for the second quarter.”
Telecom Italia SpA (TIT IM), Italy’s biggest phone company, increased for a second day, rising 1.5 cents, or 1.5 percent, to 1.03 euros. Credit Agricole Cheuvreux SA, which has a “sell” rating on the stock, said that second-quarter results at Tim Participacoes SA, Telecom Italia’s Brazilian mobile phone arm, were “good.”
Tiscali SpA (TIS IM) climbed 1.7 percent to 11.36 euro cents, the stock’s second day of gains. “The positive effect on net debt could support the Tiscali share price in the short term,” UniCredit Research said in a note after the phone and Internet company announced the release of the escrow account established at the time of the sale of Tiscali U.K. The brokerage has a “sell” rating on the stock.
UniCredit SpA (UCG IM) dropped 4 cents, or 1.8 percent, to 2.18 euros, paring yesterday’s gains. Italy’s biggest bank said second-quarter profit fell to 148 million euros from 490 million euros a year earlier, according to a statement distributed by the Italian exchange today. That compared with a 225 million-euro median estimate by 19 analysts in a Bloomberg News survey.
Separately Federico Ghizzoni was appointed deputy chief executive officer and deputy general manager of the company.