Uneventful Trading Continues
May 11, 2011
The MIBtel index eased 3 to 9600, while the MIB-30 index of blue-chip stocks inched down just 1 to 14309. Volume was anemic as investors awaited fresh news on the country's 2012 budget and the first of the semester earnings reports, both expected in early September. Meanwhile, insurance stocks remained weak amid worries about the industry's near-term prospects. Generali lost 350 lire at 33,700 and RAS slipped 320 lire to 13,280. INA recovered from earlier losses to close unchanged at 2,175. One of the few stocks to stand out Thursday was food and dairy company Parmalat, which rose 69 lire to 2,051. The recent successful close of its cash call has made the stock attractive again, traders said, given the generally positive view among analysts about the company's fundamentals. Elsewhere, auto maker Fiat fell 35 lire to 4,695 and information-systems company Sutphin gained eight lire to 791.
