Buzzi seen joining Italy's blue chip stock index, ousting Erg

Erg SA

29/11/2024 09:25

MILAN, Nov 29 (Reuters) - Cement group Buzzi Unicem
 BZU.MI  is expected to join the Italian blue-chip stock index
FTSE Mib  .FTMIB  following a review at the end of next month,
traders said on Friday, replacing renewable energy group Erg
 ERG.MI .
   FTSE Mib's composition is reviewed every three months on the
basis of companies' market capitalisation and the liquidity of
their shares.
   The deadline for calculations related to the index update
expired on Monday, with Buzzi expressing a potential index
weight of around 0.72% and Erg slipping to 0.22%.
   Buzzi has risen over 46% this year to reach a market
valuation of some 7.75 billion euros ($8.19 billion), boosted
partly by expectations of increased spending on infrastructure
after Donald Trump election in US and post-war reconstruction in
Ukraine.
    Its share price hit an all-time high of 42.44 euros on Nov.
14.
   FTSE Russell, the group which manages the FTSE Mib
composition reviews, will unveil its index changes on Dec. 4.
They will be effective from Dec. 23.
   No other changes are expected, one of the traders said.
($1 = 0.9466 euros)

 (Giancarlo Navach, editing by Gavin Jones)
 ((giancarlo.navach@thomsonreuters.com; +39 06 8030 7735;))