FTSE MIB Extends Losses
Italy’s FTSE MIB extended its losses to around 48,300 on Friday, hovering near its lowest level since May, as losses in luxury and automotive stocks offset gains in energy shares. Eni climbed more than 3% after reporting third-quarter adjusted net profit of €2.8 billion, more than double the year-earlier figure, and announcing a €1.3 billion special dividend and an increase in its share buyback programme. Tenaris and Saipem also advanced 1.8% and 1.5%, respectively. On the downside, Stellantis and Moncler each lost 2.1%, while Brunello Cucinelli fell 1.9%. Investors also monitored developments in Italy’s banking sector ahead of an October 29 Monte dei Paschi di Siena shareholder meeting on its proposed merger with Mediobanca, amid reports of potential opposition from Banco BPM stakeholders. For the week, the benchmark index was on track to decline by around 3%.
Italy’s FTSE MIB extended its losses to around 48,300 on Friday, hovering near its lowest level since May, as losses in luxury and automotive stocks offset gains in energy shares. Eni climbed more than 3% after reporting third-quarter adjusted net profit of €2.8 billion, more than double the year-earlier figure, and announcing a €1.3 billion special dividend and an increase in its share buyback programme. Tenaris and Saipem also advanced 1.8% and 1.5%, respectively. On the downside, Stellantis and Moncler each lost 2.1%, while Brunello Cucinelli fell 1.9%.
Investors also monitored developments in Italy’s banking sector ahead of an October 29 Monte dei Paschi di Siena shareholder meeting on its proposed merger with Mediobanca, amid reports of potential opposition from Banco BPM stakeholders. For the week, the benchmark index was on track to decline by around 3%.