Stellantis shares briefly fall below €5, lowest price since group's founding
BUZZ-Stellantis shares briefly fall below €5, lowest price since group's founding ** Milan-listed shares in Stellantis STLAM.MI briefly fell to €4.99 during Friday's trading, their lowest price since the creation of the Franco-Italian group
** Stellantis shares currently edge down 1.9% to €5.03, while the wider European auto sector .SXAP slips 0.6% on Friday
** Auto shares are "drifting" as the industry is unable to generate positive news, leaving underperformers like Stellantis under greater strain, according to Massimo Baggiani of Niche AM, a Stellantis investor
** Niche AM bought Stellantis' shares when they fell below €6 and considers further purchases on expectations of a possible turnaround of its North American business
** Shares hit the lowest level since March 2020, when Stellantis still traded as FCA in Milan
** Stellantis shares' value has nearly halved YTD, while the wider sector has lost about 17%
($1 = 0.8772 euros)
(Giulio Piovaccari, Enrico Sciacovelli)
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