Nov. 10 (Bloomberg) -- Italy’s benchmark FTSE MIB Index dropped 520.47, or 2.4 percent, to 21,058.01 at the 5:30 p.m. close in Milan, the biggest decline in three months.
The following stocks rose or fell in the Italian equity market today.
Banca Popolare di Milano Scrl (PMI IM) fell 4.6 percent to 3.10 euros. The Milan-based cooperative bank said third-quarter profit dropped 34 percent to 37.7 million euros ($52 million) on lower revenue and higher costs.
Intesa Sanpaolo SpA (ISP IM), Italy’s second-biggest bank, plunged 5.2 percent to 2.36 euros. Mediobanca SpA (MB IM), the Milan-based investment bank, fell 3.1 percent to 7.42 euros. Unione di Banche Italiane SCPA (UBI IM) lost 3.9 percent to 7.21 euros. Banks fell across Europe as Irish 10-year bonds tumbled for a 12th day, leading a rout in debt from Portugal to Greece. LCH.Clearnet Ltd. demanded its clients place a larger deposit when trading Ireland’s securities after yields soared.
Mediaset SpA (MS IM) tumbled 6.5 percent to 5.06 euros, the biggest retreat since May. The broadcaster owned by Italian Prime Minister Silvio Berlusconi posted a loss of 49 million euros in the third quarter on charges related to investments.
Sabaf SpA (SAB IM) dropped 3.9 percent to 22.27 euros. The maker of components for gas appliances was downgraded to “hold” from “accumulate” at Banca Akros, which has a 12-month share-price forecast of 23.40 euros. Sabaf shares jumped 42 percent in 2010 through yesterday.
UniCredit SpA (UCG IM) dropped 4.6 percent to 1.74 euros. Italy’s biggest bank said third-quarter profit declined 15 percent to 334 million euros after lower trading income outweighed a drop in bad-loan provisions. The result missed the 388 million-euro average estimate of 19 analysts surveyed by Bloomberg.
To contact the reporter on this story: Alexis Xydias in London at firstname.lastname@example.org.
To contact the editor responsible for this story: David Merritt at email@example.com.