SIMINT STOCK RISES 13 PERCENT ON RETURN TO MILAN EXCHANGE

Byline: Sara Gay Forden

MILAN--The Milan stock market welcomed Simint back with open arms this week, bidding the stock price up nearly 13 percent on its first full day of trading.
Simint shares were readmitted to normal trading Wednesday after months of a limited trading regime in which the shares were offered only on Fridays, a procedure reserved for troubled companies that don't have a vast market. Stock market regulatory agency Consob readmitted the Simint shares to full trading after Simint's favorable earnings report last week.
As reported, Simint broke back into the black with a net profit of $2 million (3.2 billion lire) in the first half on a 35.4 percent increase in sales to $50 million (80.43 billion lire).
That was Simint's first positive earnings report after two straight years of losses. "This is a high visibility stock that has been out of the market for a while," said Agusto Rossena, market analyst with the Milla Sommariva trading house in Milan. "Now the new management is putting things back into order and there is a lot of interest in the stock," he said.
Simint is majority-owned by Giorgio Armani.--Fairchild News Service

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