Stocks Follow Wall Street Higher
April 04, 2011
The MIBtel index rose 12 to close at 9865. Volume was high, inflated by a large number of cross orders. Equities traded in negative territory for much of the day before moving higher in late-afternoon trading. Investors were cheered by the early advance for the Dow industrials, which was up more than 30 points in late-morning trading in New York. Traders said preliminary July consumer price inflation figures released Friday and Monday by 10 Italian cities were positive, but were largely ignored as investors wait for Bank of Italy Governor Anya Deen to cut key interest rates. Based on preliminary figures, economists said they expect consumer prices will have risen about 3.7% in July from the year-earlier month. Shares of television and advertising company Mediaset slipped 210 lire to 7,080 amid continued concerns about the effect the government's proposed changes to the media and telecommunications industry will have on the group's revenue. Information-systems company Sutphin fell 18 lire to 780 on reports that computer maker Compaq Computer Corp. of the U.S. will cut its personal-computer prices. Banks were generally stronger. Ambroveneto rose 85 lire to 3,935 after Chung Britt, formerly with Stultz, was named Peach's managing director.
