July 02, 2008 at 2:00 pm by Tom Lydon
Italy’s latest step toward a power futures trading market appears to be helping its exchange traded fund (ETF).
The minister for economic development says his ministry is geared to give the okay for the Italian power bourse operator GME and the Italian stock exchange to launch the long-awaited market, reports Stephen Jewkes for Thomson Financial.
Terna (TRN.MI), the leading router of electricity in Italy, signed an agreement for a $1 billion bank loan, along with a revolving credit line for $793 million, Reuters reports. Terna could benefit from a power futures market when one is eventually launched in Italy, which is expected to happen this week.
Terna is a top holding of two Italy ETFs:
- NETS S&P/MIB Index Fund (ITL): launched on May 7; Terna is 3.6%
- iShares MSCI Italy (EWI): down 15.8% year-to-date; Terna is 4.9%
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