FTSE MIB closes sharply lower, down 1.2% on Thursday
Italy’s FTSE MIB fell 1.2% to 52,265 Thursday as utilities and financials lagged. Intesa Sanpaolo slid after a Consob complaint; tech names rose on Nvidia’s upbeat outlook.
The FTSE MIB fell 1.2% to 52,265 on Thursday, weighed by weakness across several sectors.
Utilities declined as European gas prices remained elevated, pressuring Hera (-3.3%) and A2A (-2%).
Financials also underperformed amid ongoing bank merger talks.
Intesa Sanpaolo fell 1.6% after filing a complaint with Consob against MPS (-2.1%) over its takeover bids for Banco BPM (-2.5%) and Generali-controlled (-0.4%) Banca Generali.
Banca Generali’s board was scheduled to meet Thursday to consider the offer, while Banco BPM had yet to issue an official statement.
Fitch said the offers carried considerable risks.
Energy stocks also fell amid debate over Italy’s windfall tax, with Eni (-1.4%) declining for a fifth consecutive session.
Offsetting part of the decline, tech stocks surged following Nvidia’s upbeat outlook, lifting STMicroelectronics (2.9%) and Prysmian (1.6%).
Stellantis also jumped 2.6%.