Milan stock market frozen, Saipem good, Intermonte runs towards grandpa stock
Milan stock market frozen for five minutes due to excessive volatility
High volatility forced the Milan stock exchange to freeze trading for five minutes on Wednesday, as the FTSE MIB index fell by more than 4% at one point.
The sell-off was triggered by concerns about the global economic outlook and the impact of the coronavirus pandemic on corporate earnings.
The FTSE MIB index has now fallen by more than 20% since the start of the year.
Saipem wins €3bn contract from Eni
Italian oil and gas company Saipem has won a €3bn contract from Eni to build a new gas pipeline in the Mediterranean Sea.
The contract is a major boost for Saipem, which has been struggling financially in recent years.
The new pipeline will connect the Zohr gas field in Egypt to Italy.
Intermonte runs towards grandpa stock
Italian investment bank Intermonte has launched a new investment fund that targets companies with a high proportion of older customers.
The fund, called the Intermonte Silver Fund, will invest in companies that are expected to benefit from the ageing population.
The fund has already raised €100m from investors.
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