Italian Benchmark Stocks Decline; Atlantia, Autogrill, Banco Popolare Move
Italy’s benchmark FTSE MIB Index lost 225.29, or 1.2 percent, to 18,848.56, the lowest level in almost a month.
The following stocks are among the most active in the Italian market today.
AS Roma SpA (ASR IM) climbed 6.5 euro cents, or 7.2 percent, to 97.1 cents. The Sensi family may agree to hand over the ownership of Compagnia Italpetroli SpA, which controls the Italian soccer club, to UniCredit SpA, Il Sole 24 Ore reported, without saying where it got the information.
The two companies may reach agreement ending a dispute over a 325 million-euro ($407.1 million) debt, Il Sole reported.
Atlantia SpA (ATL IM) increased 40 cents, or 2.7 percent, to 15 euros. The two main shareholders of Abertis Infraestructuras SA and CVC Capital Partners Ltd. are in talks over a possible transaction involving Spain’s biggest highway operator, a person with knowledge of the situation said.
Autogrill SpA (AGL IM) rose 13 cents, or 1.4 percent, to 9.6 euros, the first gain in three sessions. Fidentiis Equities SV SA kept a “buy” rating on the world’s biggest manager of airport and highway restaurants, citing a 4.6 percent increase in Continental Airlines Inc. passenger revenues in June due to recovery in business traffic.
Banca Popolare di Milano Scrl (PMI IM) declined 7.5 cents, or 2.2 percent, to 3.34 euros after it was asked by Italy’s financial regulator to review how it sells investments to individuals. Consob asked the bank’s board to review sales practices to protect individual clients from potential conflicts of interest, the regulator said in its weekly bulletin.
Banco Popolare SC (BP IM) lost 13.5 cents, or 3 percent, to 4.33 euros, the stock’s third consecutive loss. Intermonte Sim SpA downgraded the lender to “neutral” from “outperform.”
“The European stress test could put further pressure on banks that currently have lower capital ratios to raise capital sooner rather than later,” the brokerage said in a note.
Credito Emiliano SpA (CE IM) fell 13.5 cents, or 2.9 percent, to 4.5 euros. Banca Akros cut its recommendation on the regional bank to “hold” from “buy,” because of the “recent positive stock performance.”
The bank may consider a sale of its investment banking unit, Il Sole 24 Ore reported, without saying where it got the information. “A disposal of Abaxbank SpA would be good news for Credem, given its non-strategic nature for the group,” the brokerage wrote.
Intesa Sanpaolo SpA (ISP IM), Italy’s second-biggest bank, declined 4.25 cents, or 2 percent, to 2.1 euros as a gauge for European banks retreated today.
“With the markets forcing austerity programs on almost all countries in Europe, we believe we are going to see further pain in the real economy which will translate into higher than expected provisions and lower earnings,” Sanford Bernstein & Co. said in a note on European banks.
With regard to the bank’s interest into Bank Zachodni WBK SA, “the price at which a potential transaction is done will be key” to assess if a potential acquisition would create value, Kepler Capital Markets said in a note.
Mondo Home Entertainment SpA (MHE IM) rose 1 percent to 13.8 cents, ending a four-session loss, as it said an agreement with Mediaset SpA on film rights licensing for Mediaset’s digital pay-television.
The contract is worth 2 million euros, the company said in a statement.
Pirelli & C. SpA (PC IM) gained for a second session, rising 1 percent to 44.85 cents. Equita Sim SpA reiterated a “buy” rating on Europe’s third-largest tiremaker. Equita said in a note that the increase in prices by Bridgestone Corp. in the U.S. “provides yet more confirmation of the strict price discipline applied by all the top tiremakers to protect margins from rising raw material prices, particularly for natural rubber, which on average accounts for roughly 10 percent of turnover.”
Saipem SpA (SPM IM), Europe’s largest oilfield-services provider, lost 69 cents, or 2.7 percent, to 24.8 euros. Crude oil declined on concern that a slower pace of economic recovery in China may constrain global fuel demand.
Tenaris SA (TEN IM), the world’s biggest maker of seamless steel tubes for oil and gas extraction, dropped 43 cents, or 3 percent, to 13.95 euros.
Yoox SpA (YOOX IM) rose 16.5 cents, or 2.9 percent, to 5.86 euros, extending a gain of 4.2 percent on July 2. The Internet fashion retailer may consider making small acquisitions in the mobile technology industry and among Web- design companies, though it forecasts “double-digit growth” on a stand-alone basis, founder Federico Marchetti told Milano Finanza in an interview.