The Milan stock exchange was
flat Thursday as the benchmark FTSE MIB index added 0.3% to
close at 16,804 points.
Several shares were suspended on excess volatility during
the trading day, including UniCredit bank, Fiat Chrysler
Automobiles (FCA), and ENEL utility company. Also in the
utilities sector, investors sold off Italgas (-6%), A2A and Snam
(-4%). Banks made a comeback, with Banco Popolare soaring 6% and
Intesa Sanpaolo surging 4%.
The spread between Italy's 10-year BTP bonds and their
German equivalent, a gauge of Italy's borrowing costs and
investor confidence, closed at 162 basis points up from 154
points a week ago.
The yield on the BTP was at 1.89%, up from 1.72% yesterday.
The spread is at the highest level since the Brexit
referendum in June, denoting market uncertainty after the
election of Donald Trump as U.S. president and ahead of a
December 4 referendum on Premier Matteo Renzi's constitutional
reform.
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