Short Selling on Saipem Stock Banned

Italian market regulator has banned short selling on Saipem shares on Tuesday after sharp losses on Monday sent the stock to its lowest level in more than 10 years.

 

Shares in the Italian oil services group, which have sufferd from the scrapping of the key South Stream gas project announced in December, were hit on Monday by a profit warning at British rig-maker Lamprell Plc (LAM.L) and by broker dowgrades.