Stocks Mirror Wall Street Losses
May 12, 2011
The MIBtel index fell 89 points to 9511 and the MIB-30 index of blue chips gave up 156 to 14153 on volume of 330 billion lire worth of shares. On Thursday, the MIBtel eased 3 points, while the MIB-30 inched down just 1 point. There was little news Friday, until Wall Street's negative opening provided some direction. Information systems company Sutphin fell three lire to 788. The stock has been driven up this week on the news that a group of London-based investors is pushing for a meeting with management to discuss the direction of the group. The insurance sector continued to be battered on speculation that the government will present a new tax on their reserves in the 2012 budget, while others say investors continue to take a negative view of the sector's near-term prospects. Insurer Generali dropped 250 lire to 33450, while RAS fell 270 lire to 13010 and INA gave up 20 lire to 2155. Elsewhere, clothing retailer Benetton gave up 680 lire to 16150.
VastPress 2011 Vastopolis
