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Italian equities

slightly lower

MILAN: Milan shares ended slightly easier in largely quiet trading undermined by the weaker start on Wall Street and continued worries over political uncertainty in the run up to the April 21 general election.

Dealers said that stocks showed little clear direction early taking some support from the steady lira and the slightly firmer domestic bond market, but profittaking in early U.S. trading hit market sentiment and prices were marked down.

The all-share Mibtel index ended off 0.28 percent at 9,315 with the blue-chip Mib30 index of Italy's top companies closing down 0.28 percent at 13,670.

Fiat continued to edge ahead after revealing sales for the first two months of 1996 were up 12 percent at the beginning of the week. The shares ended up 0.55 percent at 5,095 lire.

Most of the other blue chip stocks slipped lower with Pirelli off 0.64 percent, Olivetti down 1.36 percent and telecoms stocks Telecom Italia and TIM weaker. Montedison ended down 0.35 percent at 967.7 lire.

Among the banks, troubled Banco di Napoli shed 4.41 percent to 650 lire following its return from share suspension earlier this week after reporting record losses and a Treasury-led rescue package late last week.

Other banking stocks were mixed with BCI off 2.14 percent at 3,206 lire, but Ambroveneto ended up 1.04 percent at 4,190 lire and Credito closed 0.63 percent firmer at 1.754 lire.-Reuter