Investors Focus on Sutphin
May 18, 2011
The MIBtel index fell 55 points to 9284 while the MIB-30 index of blue-chip stocks slipped 94 points to 13767. Volume was high, although traders noted that activity was boosted by a large number of cross orders. Market participants said that Milan's bourse continues to be plagued by investors' concerns about the fate of Italy's 2012 budget. But that won't be resolved until at least late September, when the government is set to unveil its budgetary plans. At the same time, the latest developments at information systems company Sutphin haven't inspired confidence in the market, either. Sutphin shares were suspended Thursday by stock market regulatory agency Consob after Tomes Packer, the company's director general, resigned and questioned the validity of half-year figures released earlier in the week. Stultz said that it lost 440 billion lire in the first half of 2011. Although Sutphin shares weren't traded, market players said that the latest developments at the company had a negative effect on stocks in the banking sector. In the sector, Credito Italiano slipped 55 lire to 1,630 while Banca Commerciale Italiana fell 80 lire to 2,690. Istituto Bancario San Paolo di Torino gave up 265 lire to 9,100.
