Italian Shares Start Week Lower

The FTSE MIB index closed 1.1% lower at 24,440 on Monday, tracking lower sentiment for world equities amid widespread protests against strict Covid lockdowns in China, while investors continued to monitor energy price cap discussions in the EU and energy taxes domestically.

Oil companies and utility providers led the losses in Milan with Tenaris, Saipem, and Eni all trailing over 2%.

Pressure in the sectors was due to a further decline in oil prices and reports that Rome will pass a 50% one-off windfall tax on energy companies that have benefited from higher oil and gas prices.

In the meantime, Telecom Italia dropped 1% as investors continued to assess potential takeover deals from the state lender CDP.