Italian Stocks Fall: Eurotech, Fiat, Monte dei Paschi, Nice, Tenaris Move
Italy’s benchmark FTSE MIB fell for a second day, losing 229.43, or 1.2 percent, to 19,465.45 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Banca Monte dei Paschi di Siena SpA (BMPS IM) declined for a second day, losing 2.8 percent to 88.4 cents. Banca Akros said in a note that it expects “the stock to continue its underperformance as far as the bank will not have clarified the exit strategy from the 1.9 billion-euro state aid received last year and supposed to be redeemed by mid-2013.”
Buzzi Unicem SpA (BZU IM), Italy’s second-biggest cement maker, sank 3.5 percent to 7.21 euros, the biggest drop in almost two months. Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating.
Fiat SpA (F IM) slid 1.5 percent to 9.09 euros, extending losses of 2 percent yesterday, as carmakers were among the worst performers in Europe today.
Swaps on Ireland’s sovereign debt jumped to the highest level since March 2009, CMA prices show. The swaps imply a higher probability of default than contracts on Iceland, which is ranked six levels lower and whose financial system collapsed in 2008. Standard & Poor’s yesterday cut Ireland’s credit rating one step by to AA- on concern the rising cost of supporting its struggling banks will swell the budget deficit.
Nice SpA (NICE IM) advanced the most in almost three weeks, rising 2.2 percent to 3.02 euros as the automated-gate and screen maker posted a 26 percent increase in first-half net income.
Tenaris SA (TEN IM), the world’s biggest maker of seamless steel tubes for oil and gas extraction, slid 2.3 percent to 13.12 euros, the lowest level since Dec. 8. Crude oil futures fell after the U.S. Energy Department said stockpiles gained 4.11 million barrels.
Tod’s SpA (TOD IM) gained 1.8 percent to 58.52 euros, erasing yesterday’s 0.9 percent loss. Deutsche Bank AG reiterated a “buy” rating on the Italian luxury-goods maker known for its rubber-studded driving shoes ahead of tomorrow’s results, saying in a note that “key theme now is the amount of the extra-dividend which will be proposed for approval.”