Stocks Close Lower on Milan's Borsa as Lenders Banco Popolare, UBI Fall
Italy’s benchmark FTSE MIB Index retreated 115.95, or 0.5 percent, to 21,344.14 at the 5:30 p.m. close in Milan, the first loss in five days.
The following stocks were among the most active in the Italian market today.
Banco Popolare SC (BP IM) lost 2.9 percent to 2.35 euros, as its 2 billion-euro ($2.7 billion) rights offer started today. The offer will run through Feb. 11.
Popolare had its price estimate lowered to 2.9 euros at Banca Akros, to 2.4 euros at UBS AG and to 2.3 euros at UniCredit Research.
De Longhi SpA (DLG IM) jumped 8.1 percent to 6.8 euros, a first gain in three days. UniCredit Research increased its price estimate on the household-appliance maker to 7.9 euros from 6.3 euros and reiterated a “buy” rating, citing preliminary 2010 sales.
Finmeccanica SpA (FNC IM) advanced 2.3 percent to 9.16 euros, gaining for a second day. SuperJet International (SJI), a joint venture between Finmeccanica’s Alenia Aeronautica and Sukhoi Holding, got a $650 million contract from Mexico’s Interjet for 15 long-haul Sukhoi Superjets 100, with an option for five more aircraft.
Finmeccanica also said AgustaWestland signed a 570 million- pound contract with the U.K. Ministry of Defence.
Mediaset SpA (MS IM) sank the most in a week, falling 2.2 percent to 4.44 euros, as the broadcaster owned by Italian Prime Minister Silvio Berlusconi was downgraded to “underperform” from “neutral” at BofA Merrill Lynch Global Research, citing “weak operational momentum, competitive pressure and political uncertainty.”
Pirelli & C. SpA (PC IM) rose 1.8 percent to 5.99 euros, snapping a two-day loss. Intermonte Sim SpA upgraded the stock to “buy” from “outperform.” It said “there is room for an upward revision to consensus estimates, as we are convinced that Pirelli will manage to lift prices and sustain the announced growth in margins.”
Royal Bank of Scotland Group increased its price estimate on Europe’s third-largest tiremaker to 8 euros from 7 euros.
Safilo Group SpA (SFL IM) surged 7.8 percent to 13.6 euros, the biggest gain since Sept. 28. The world’s second-largest maker of eyeglasses had its price estimate lifted to 16.5 euros from 14 euros at BofA Merrill Lynch Global Research, which reiterated a “buy” rating.
Unione di Banche Italiane SCPA (UBI IM) fell 2.4 percent to 6.97 euros as a gauge for European banking shares fell for the first time in five days.
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