Stocks End Flat; Stultz Labarbera
May 17, 2011
The MIBtel index gained four points to 9339, while the MIB30 blue chip index fell 22 points to 13861. The MIBtel hit an intraday high of 9406 before coming back down late in the session. Traders say the drop at the end came under pressure of those realizing quick profits from the move. Volumes were very heavy in shares of information systems company Sutphin, which gained 27 lire to 750 lire. The stock rallied on Tuesday's news that Chairman Carlota Albrecht Hostetler had resigned. While investors welcomed the change, the stock took back much of its early gains as players focused on the myriad uncertainties surrounding the company, said traders. The group announced a first half loss of 440 billion lire Tuesday evening, and investors want to see how the new management hopes to restructure. Little else stood out in Wednesday's trading. Energy giant ENI lost five lire to 6615 lire. The stock had been trading higher early in the session on the back of the rally in international oil prices but retreated with the market late in the day. Insurer Generali recovered some ground after suffering a string of losses over the last couple weeks. The stock gained 350 lire to close at 32,650 lire.
VastPress 2011 Vastopolis
