Italy’s benchmark FTSE MIB Index snapped two days of gains, falling 286.41, or 1.3 percent, to 22,025.11 at the 5:30 p.m. close in Milan. The gauge slid 0.3 percent this week.
The following stocks were among the most active in the Italian market today.
Fiat SpA (F IM) dropped for a second day, slipping 4.5 percent to 6.99 euros. Credit Suisse Group AG cut its recommendation on the carmaker to “underperform” from “neutral.” The brokerage said that Fiat’s negative free cashflow and current rate of sales growth fail to justify its valuation.
Fiat Industrial SpA (FI IM) lost 2.4 percent to 9.94 euros, extending yesterday’s drop. Equita Sim SpA cut its rating on the company, whose main assets are truck and tractor makers Iveco SpA and CNH Global NV, to “hold” and removed the stock from its “main portfolio.”
Fondiaria-Sai SpA (FSA IM) sank 2.8 percent to 6.79 euros, its third decline this week. Cheuvreux SA cut its price estimate on Italy’s second-biggest insurer to 8 euros from 8.80 euros, while keeping an “outperform” rating, citing “disappointing 2011 targets.”
Italcementi SpA (IT IM), Italy’s biggest cement maker, retreated 3 percent to 6.12 euros as Egyptian protesters clashed with police in their bid to force President Hosni Mubarak to step down.
Intermonte Sim SpA downgraded the stock to “underperform” from “neutral,” saying in a report that “Italcementi could face serious problems in Egypt, where demand for cement could suffer due to an uncertain political picture caused by recent widespread protests against the Mubarak government.” Egypt is currently one of Italcementi’s most profitable countries, the brokerage noted.
Pirelli & C. SpA (PC IM) lost 3 percent to 5.61 euros. The tiremaker had its price estimate cut to 6 euros from 7.10 euros at Goldman Sachs Group Inc.
Saras SpA (SRS IM) dropped 3.5 percent to 1.77 euros after surging 8 percent yesterday. Gazprom Neft said it’s not seeking to buy a stake in the owner of the largest oil refinery in the Mediterranean. The oil arm of OAO Gazprom said it’s in talks with Saras on possible oil supplies.
Telecom Italia SpA (TIT IM) ended two days of gains, falling 2.4 percent to 1.05 euros. JPMorgan Chase & Co. added Italy’s biggest phone company to its “analyst conviction” list as a short.