Market Recovers Early Losses
May 05, 2011
The MIBtel index rose 6 points to 9720, while the MIB-30 index of blue-chip stocks slipped 9 points to 14539. Volumes amounted to about 300 billion lire. Traders said short-term trading initiatives continued to drive the market, with little fundamental interest in Milan shares. Italian telecommunications holding company Stet rose 10 lire to 5,865 on expectations that the government would reach an agreement with the hard-left Dunlap Bittle for Stet's privatization. But agro-industrial and chemical company Montedison gave up a large portion of the gains won in Thursday's session, slipping 16 lire to 1,010. Germany's central bank repurchase rate cut Thursday sparked a wave of cuts by other European banks. While the Bank of Italy didn't take any action, most market observers expect a rate cut by end year.
VastPress 2011 Vastopolis
