Italy’s benchmark FTSE MIB Index declined 0.5 percent to a three-month low of 19,844.31 at the 5:30 p.m. close in Milan. The gauge retreated 4.5 percent this week, a fifth straight weekly drop.
The following companies moved in Italian trading. Stock symbols are in parentheses.
Luxottica Group SpA (LUX IM) dropped 1.6 percent to 20.60 euros. The owner of Ray-Ban and Oakley sunglasses brands was cut to “underweight” from “equal weight” at Morgan Stanley.
Finmeccanica SpA (FNC IM), Italy’s biggest defense company, rose 2 percent to 8.97 euros. Ansaldo STS SpA (STS IM), its railway-technology unit, surged 3.3 percent to 10.19 euros, for a gain in the past three days of 12 percent. Finmeccanica said it signed a railway technology joint-venture agreement with Russia’s state railways through Ansaldo and other subsidiaries.
The agreement is for the supply of technology for 100 stations, 100 vehicles and 50 railway lines by 2020 for a combined value of more than 1.5 billion euros ($2 billion), the Italian company said in a statement.
STMicroelectronics NV (STM IM), Europe’s largest semiconductor maker, rose 2.3 percent to 7 euros. The shares were raised to “selected list” from “underperform” at Credit Agricole Cheuvreux.
Saras SpA (SRS IM) jumped 4 percent to 1.41 euros, its steepest gain in two months. BofA Merrill Lynch Global Research lifted its recommendation on the owner of the largest oil refinery in the Mediterranean to “neutral” from “underperform.”
“After 2010/11 earnings estimates were cut drastically and with the shares trading around an all-time low, the worst appears to us to be over,” a team of analysts led by James Schofield in London wrote.
UniCredit SpA (UCG IM) declined 0.9 percent to 1.6 euros. Purchases of stakes in the Italian bank by Libyan investors are being reviewed by the Rome prosecutor’s office, Italian newspapers including Il Sole 24 Ore reported, without saying where the information was from.