March 12, 2020 / 10:35 PM / 23 days ago

Italy's Consob bans short-selling on 85 stocks on Friday

MILAN, March 12 (Reuters) - Italy’s market regulator said it was introducing an outright short-selling ban on 85 stocks after the Milan bourse plunged 17% on Thursday, recording its worst loss ever, due to a coronavirus crisis in the country.

Market watchdog Consob said the measure, which concerns all the top names on the Milan bourse including banks UniCredit and Intesa Sanpaolo as well as energy groups Eni and Enel, would be effective on Friday.

The outright ban prevents sales of shares that have previously been borrowed, strengthening an existing ban on naked short-selling. (Reporting by Valentina Za, Editing by Elvira Pollina)

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