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Venerdì 19 Gennaio 2018 | 22:35

Milan

Ferrari opens at 43, drops to 41.91 euros a share (2)

As European markets tank on China, Middle East fears

Ferrari opens at 43, drops to 41.91 euros a share (2)

Milan, January 4 - Ferrari luxury carmaker had a rocky market debut Monday, with Premier Matteo Renzi and CEO Sergio Marchionne on hand at the stock exchange. The stock opened at 43 euros a share only to immediately lose ground and get suspended briefly after sliding under 42 euros a share. Trading resumed with Ferrari changing hands at 41.91 euros - against approximately 44 euros at the close on December 31 on the NYSE - with market cap of some 7.92 billion euros. Ferrari's Italian debut took place amid a general European stock market sell-off on negative Chinese industrial data and tensions between Iran and Saudi Arabia. In Milan, the FTSE Mib index lost 2%, and Fiat Chrysler Automobiles (FCA) plunged 32.43% after its Ferrari spinoff, opening at 8.48 euros a share after ending 2015 trading at 12.92 euros a share. Investors deserted other blue chips as well, including Exor (-3.1%), CNH (-3.5%), Mediolanum (-4.5%), Telecom (-3%), ENEL (-1.85%), ENI (-1.7%), MPS (-2.7%), and Mediobanca (-2.5%).

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