The Milan bourse on Friday
closed 0.59% down with the bellwether FTSE MIP index sinking to
17,324 points as bank stocks struggled.
Energy giant ENI lost 1.75% after reporting a net
third-quarter loss of 560 million euros and an adjusted loss of
480 million.
Genoa-based lender Carige sank 8.13% after the European
Central Bank on Thursday asked the bank to come up with a plan
to cut its non-performing loans (NPLs), which according to
financial analysts could pave the way for a capital increase.
Troubled Tuscan bank Monte dei Paschi di Siena (MPS) was
down 3.85% after gaining 1% and then shedding 4% earlier in the
day, following statements by Mediobanca CEO Alberto Nagel that
he wanted to do "everything possible" to avoid a "dissolution".
The bank is currently working to execute a rescue project
approved in July providing for a five-billion-euro capital
boosting plan, handled by Mediobanca together with JP Morgan,
and the sale of 28 billion euros in bad loans.
Overall, banking shares were the main laggards with Generali
slipping 2.31%, UBI and Intesa both 1.64%, and UniCredit 1.26%.
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