Milan shares lower at mid-session; Tenaris bucks trend |
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Wed, 10 Jan 2007 13:01
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MILAN (AFX) - Share prices were lower at mid-session, tracking other international markets, with Tenaris sharply higher on a further round of speculation of stake-buying or a bid, brokers said.At 12.35 pm, the Mibtel index was down 0.49 pct at 31,783 points, and the S&P/Mib down 0.62 pct to 41,307.The oil price remained a key factor for shares, with the small rise in the price during the morning bringing stocks off their lows.One broker said he does not see further significant falls in the oil price, and that oil stocks, such as Eni, remain a firm investment opportunity.Eni lost 0.28 pct to 24.49.Tenaris, which provides steel tubes to the oil sector, was up 5.82 pct to 18.91 eur, supported by renewed rumours that Gazprom could be interested in a minority stake, and rumours of a Vallourec bid.Tenaris declined to comment on the Gazprom rumours, beyond noting a previous denial last year, while there were reports that Vallourec denied any interest.Analysts said the Rocca family, which owns 60 pct of Tenaris, wants to keep control of the company, and also will not share control.Saipem gained 0.78 pct to 18.40.Telecoms led the decliners on a European trend. One broker said reports the government will stop mobile operators charging fees for restocking pre-paid cards was negative but not a surprise.Telecom Italia lost 1.85 pct to 2.34.Cements were lower after yesterday's rally. Buzzi Unicem fell 1.79 pct to 21.41. Italcementi lost 1.45 pct to 21.81.Banks gained some support from a Bank of Italy ruling on equity-like fund-raising instruments, called hybrids, which is seen easing bank mergers, though this was offset by the overall negative trend.Intesa Sanpaolo lost 0.89 pct to 5.65.STMicro gained 0.43 pct to 14.60, supported by an upgrade to 'overweight' from 'underweight' by Lehman Brothers. One broker said December's flash memory reorganisation is a positive factor.nigel.tutt@afxnews.comnt/jlwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Milan shares AFX market data at 9.31 am 