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What is the FTSE MIB 40?

The FTSE MIB 40 is a stock index consisting of the largest and most liquid companies on the Italian national stock exchange. Learn more about the index – including how it’s calculated, a quick rundown of its history and which companies are listed.

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Italy 40

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The flagship index of the Italian stock exchange (the Milano Borsa Italiana, or MIB), the FTSE MIB 40 is designed to track companies and act as a performance benchmark for the health of the Italian stock market, and Italian economy as a whole.  

How is the FTSE MIB calculated?

The FTSE MIB 40 is calculated on a capitalisation-weighted basis, which means that companies with a bigger market cap will have more of an effect on its price. It seeks to mirror the weight of industries within the Italian stock market by having appropriate sector representation.

The companies included on the FTSE MIB 40 are selected by the FTSE Italia Index Policy Committee in quarterly reviews – announcements are made in March, June, September and December.  

The selection criteria demands that a stock has a high liquidity, is on the Italian stock exchange and has at least 30% of its shares publically available. 

Origins of the FTSE MIB 40

The FTSE MIB 40 began trading under its current name in June 2009, but the Italian stock index it is based on was actually launched years before. 

December 1992

The original index, COMIT 30, was launched on 31 December 1992, with a base of 100 points. It only consisted of the top 30 companies on the Italian stock exchange.


The Borsa Italiana took over the index, and renamed it MIB 30. Its base value was set at 10,000 points.

June 2003

The Italian stock exchange collaborated with Standard & Poor’s (S&P) to launch a new 40-value index in parallel with the MIB 30, called the S&P/MIB.

November 2003

The S&P/MIB replaced the MIB 30 as the benchmark index, and to ensure a smooth transition both indices were synchronized to a value of 25,973 points.

June 2009

The S&P/MIB replaced the MIB 30 as the benchmark index, and to ensure a smooth transition both indices were synchronized to a value of 25,973 points.

Historic highs and lows

In January 1998, the MIB 30 was trading at over 25,000 points and by March 2000, the index had closed at its all-time high of 52,093 points. 

Chart showing FTSE MIB daily closings from January 1998 to February 2018 

Since these record highs, the FTSE MIB 40 has had a volatile valuation. After the technology sector crashed in 2003, the index fell to 20,539 points – a 59% decline from 2000. Though it bounced back to valuations of over 40,000 points, the 2008 financial crisis saw the FTSE MIB 40 decline again, closing at 29,854 points. 

Recovery from the financial crisis was slow, and the sudden increase in borrowing rates during the eurozone crisis caused the FTSE MIB to drop to 12,362.50 points in July 2012 – its lowest level since 1993. 

The European Central Bank and US Federal Reserve led the global economic recovery, which stimulated the FTSE MIB 40 and other national stock markets. In February 2014, the FTSE MIB 40 began trading above 20,000 points again for the first time since the eurozone crisis.

List of largest companies on the FTSE MIB 40

The countries listed on the FTSE MIB 40 are weighted to reflect the Italian stock market and economy more generally. In December 2017, the FTSE MIB 40 stocks had a total value of €2.37 trillion and accounted for 80% of the domestic stock market. 

The ten largest constituents of the FTSE MIB 40 are so highly capitalised that in 2017 they made up over 68% of the index. As of March 2018, those companies are:

Constituent Industry
Enel Electricity
Intesa Sanpaolo Banks
Unicredit Banks
Eni Oil and gas producers
Generali Non-life insurance
Fiat Chrysler Automobiles NV Automobiles and parts 
Atlantia Industrial transportation
STMicroelectronics Technology hardware and equipment
Ferrari NV Automobiles and parts
CNH Industrial NV Industrial engineering

The composition of the FTSE MIB 40 is subject to change if a company included on the index stops meeting the selection criteria. For example, in 2017 Banca Mediolanum was removed from the index after the conditions of free float and liquidity of the stock had not been met.

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