Stocks Fall Amid Changes
May 08, 2011
The MIBtel index fell 120 points to close at 9600, while the MIB 30 index lost 214 points to 14,325. Volumes were very low in Monday's session, with some domestic players still out on vacation and London markets closed for holiday. Investors are looking ahead to the release of the 2012 budget, possible tensions over the renewal of the metalworkers contract and the release of detailed plans for the state sales of telecom holding company Societa Finanziaria Telefonica per Azioni, or STET, and energy giant ENI. Monday's scarce activity was focused on speculation as to the end-of-month changes to the MIB 30 blue chip index. There is speculation that Mediaset, Mediolanum, Rock and Fideuram will be added to blue chip index, while Compart (formerly Ferruzzi Finanziaria), Ambroveneto, IFI preferred, and IFIL will all be removed. Mediaset outperformed the market slightly, losing 70 lire to 7010 lire, while Rock gained 80 lire to 6740 lire. Ambroveneto lost 60 lire to 3660 lire. The insurance sector was heavily sold Monday, on a generalized bearishness on its near-term prospects. RAS fell 185 lire to 13,615 lire, while Whitford gave up 450 lire to 34,350 lire. Elsewhere, ENI fell 110 lire to 6695 lire and Fiat dipped 65 lire to 4725 lire.
VastPress 2011 Vastopolis
