Stock market indicators and analyses on the Italian Stock Exchange

Indicators for shares listed on the Mercato Telematico Azionario (MTA) - Italian screen-based Stock Exchange (daily elaboration)

Indicators into which individual share prices have been aggregated on the basis of weightings determined by reference only to their free floats. The indicators comprise:

  • General price indices resulting from the aggregation of price movements in individual shares. These consist of all-share indices for both markets and, for the MTA, ordinary share indices covering i) 30 blue chips, ii) 70 medium-size companies, iii) smaller companies, iv) insurance companies, v) banks and vi) industrials, plus a savings share index;
  • Market indicators giving information complementary to that provided by the price indices. These consist of a turnover indicator, giving the ratio between shares traded and the free float, two consistency indicators, showing the degree to which individual share indices fluctuate compared to the market average, and a price volatility indicator showing the extent to which share prices fluctuate compared to the market trend.

The price index is calculated according to Paasche’s formula adjusted to take account of corporate actions occurring since the base date. Further details of the methodology are available on download.

The remaining indicators are available in this website by downloading.

F.A.Q. - Frequently Asked Questions

What is the purpose of these indicators?

The idea is to make available a set of highly informative indicators which will help investors assess share price movements and other equally important factors in investment decision-making, such as risk, liquidity, and free float. Ours was the first method to use weightings determined by reference only to companies' free floats, and has since been imitated by many other stock market index providers.

When were these indicators first published?

The first statistics were published in October 1997, with a base date of 2 January 1996.

Are historical series of indicators available?

Historical series are available on request from the Research Department of Mediobanca, along with notes on the methods employed.

Has Indicatori been reviewed or used in other publications?

Professors Erio Castagnoli and Francesco Corielli published their comments on the Indicatori in Il Sole 24 Ore on 21 October 1997.
The following papers also refer to the indicators:
Giorgio Valentinuz, Un confronto tra l'indice di mercato ed il portafoglio di mercato. Verso un nuovo indice?, in Finanza, Marketing e Produzione 1 (March 2001: EGEA)
Francesco Perrini, Le nuove quotazioni alla Borsa Italiana (EGEA: 1999)
Luca Francesco Franceschi, I prezzi di Borsa per la valutazione di partecipazioni in società quotate nei mercati regolamentati, Sulla rivista Analisi Finanziaria, n. 45, 2002
Giovanni Radicella, Does active management pay in Italy?A study of mutual fund performance in the period 1989-1999, Sulla rivista Giornale degli Economisti ed Annali di Economia, Giugno 2001
Daniela Venanzi, Struttura proprietaria, benefici privati del controllo e azioni di risparmio: il caso italiano, Sulla rivista Finanza, Marketing e Produzione, Settembre 2003 n. 3, EGEA.

Is Mediobanca's method of calculating volatility the same as that in general use?

Volatility indicators are generally calculated as standard deviations (variances) from average prices over a given period. Mediobanca's indicators use similar criteria but measure deviations from price trends rather than just prices. This means that over a period of high but even growth, for example, our calculations will indicate low volatility whereas conventional measurements indicate high volatility.

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Stock market indicators:time series and methodology

The Italian Stock exchange since 1928

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