Lunedì, 22 Ottobre 2018

Saipem stages minor comeback after huge losses Wednesday


Milan, January 31 - Share prices of Italian
oil-service provider Saipem SpA on Thursday gained almost 4%
following heavy losses Wednesday, when regulators announced a
probe of unusual share sales shortly before the company
announced a dramatic drop in forecast profits.
On Wednesday financial market regulator Consob announced it
would review the sale of almost 10 million shares in Saipem made
after the close of trading on Monday, just hours before the
company announced that its 2013 profits would be less than half
the amount previously expected.
By mid-afternoon Wednesday, shares in Saipem, Europe's
biggest oil-service provider, had plunged a record 39% on
Milan's stock exchange.
In order to help sustain the company's shares Thursday,
Consob banned short-selling on Saipem stock for the second day
in a row.
Meanwhile, investment banking units of HSBC and JP Morgan
both cut their target price on Saipem stock Thursday to around
26 euros per share.
Shares in Eni SpA, the Italian government-controlled energy
giant which owns 43% of Saipem, also gained slightly Thursday
(+0.6%), after shedding more than four percentage points on
In an editorial in its Lex column Thursday, the Financial
Times wrote that Eni should consider selling its stake in
The FT said that while Saipem's share performance was based
more on worries about the company's current troubles than on any
general sector issues, Eni should consider selling its Saipem
stake unless it could exercise more stringent control over ''the
unpredictable company''.

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