Nov. 9 (Bloomberg) -- Italy’s benchmark FTSE MIB Index advanced the most in more than a month, adding 516.29, or 2.3 percent, to 23,065.93 in Milan.

The following stocks were among the most active on the Italian market today.

Amplifon SpA (AMP IM) rose 12 cents, or 4.5 percent, to 2.79 euros, a fifth straight increase. The world’s largest hearing-aid distributor was upgraded to “buy” from “hold” at Equita Sim SpA and to “buy” from “underweight” at Gruppo Banca Leonardo. The stock also had its price estimate lifted to 2.7 euros from 2.3 euros at Cheuvreux, which kept an “underperform” rating.

Assicurazioni Generali SpA (G IM) gained 41 cents, or 2.3 percent, to 17.9 euros. Keefe, Bruyette & Woods Ltd. upgraded Italy’s biggest insurer to “market perform” from “underperform.” The brokerage said in a note dated yesterday that “third-quarter results demonstrated a strong improvement in shareholders’ funds.”

Separately, ING Wholesale Banking lifted its price estimate to 20.8 euros from 19.5 euros and Cheuvreux increased its price projection to 13.8 euros from 12 euros, while JPMorgan Chase & Co. trimmed its price projection to 18.5 euros from 19.8 euros.

Banca Popolare di Milano Scarl (PMI IM) added 22 cents, or 4.3 percent, to 5.38 euros. Financial shares gained in Europe after the Group of 20 nations agreed to maintain stimulus efforts and Axa SA and AMP Ltd. offered to buy Axa Asia Pacific Holdings Ltd. Separately, Allianz SE, Europe’s biggest insurer, jumped the most in five months after earnings more than doubled.

UniCredit SpA (UCG IM), Italy’s largest bank, rose 12.75, or 5.3 percent, to 2.52 euros.

Banco Popolare SC (BP IM) rose 10.5 cents, or 1.7 percent, to 6.13 euros, extending gains of 3.4 percent on Nov. 6. Intermonte Sim SpA upgraded the first Italian bank to seek state aid during the financial crisis to “outperform” from “neutral,” citing the stock’s “poor relative performance” and a positive impact on outlook stemming from “actions management has taken and will take.”

Banca Profilo SpA (PRO IM) advanced 4.5 cents, or 6.9 percent, to 69.5 cents. The lender said in a statement that its 29.8 million-euro ($44.7 million) capital increase was fully subscribed.

Compagnie Industriali Riunite SpA (CIR IM) increased 2.8 cents, or 1.7 percent, to 1.65 euros, the highest in three weeks. The holding company of Italian businessman Carlo De Benedetti may post net income this year of between 110 million euros and 130 million euros, compared with 95 million euros in 2008, Il Sole 24 Ore reported.

Eni SpA (ENI IM), Italy’s largest oil company, added 32 cents, or 1.9 percent, to 17.53 euros. Crude oil rose as a falling dollar bolstered investor demand for commodities and Tropical Storm Ida entered the Gulf of Mexico, forcing BP Plc and Chevron Corp. to cut output.

Saipem SpA (SPM IM), Europe’s largest oil-field services contractor by market value, increased 73 cents, or 3.4 percent, to 22.23 euros.

Fondiaria-Sai SpA (FSA IM) dropped 36 cents, or 2.9 percent, to 12.21 euros, ending a three-session increase. Italy’s second-largest insurer said it had a third-quarter net loss of 23.9 million euros, compared with a profit of 98.3 million euros a year earlier, according to a statement distributed through the Italian exchange. The combined ratio, which was 103.3 percent as of Sept. 30, was “slightly worse than expected,” Cheuvreux said in a note after the release. The brokerage has an “underperform” rating on the stock.

Gruppo Editoriale L’Espresso SpA (ES IM) surged 20.45 cents, or 10 percent, to 2.2 euros, the highest since May 2008. Cheuvreux upgraded the Italian publisher controlled by De Benedetti to “outperform” from “underperform” The brokerage cited a “positive outlook” along with “cheap multiples.”

Impregilo SpA (IPG IM) retreated for a second session, falling 10.5 cents, or 4.2 percent, to 2.38 euros. The country’s biggest builder said net income fell to 37.3 million euros during the first nine months of the year, compared with 164.2 million euros a year ago, according to a statement distributed by the stock exchange.

Cheuvreux cut its recommendation to “underperform” from “outperform” and UBS AG downgraded the stock to “neutral” from “buy.” The brokerages cited an “excessive” risk profile and a “weak outlook,” respectively. Exane BNP Paribas trimmed its price estimate to 3.4 euros from 3.5 euros with an “outperform” rating unchanged.

Italcementi SpA (IT IM) lost for the first time in four sessions, falling 16 cents, or 1.6 percent, to 9.85 euros. Italy’s largest cement maker said it expects a further deterioration in most of its market, even as “visibility remains extremely poor” entering 2010, according to a slide presentation distributed through the Italian exchange today.

Parmalat SpA (PLT IM) advanced 4 cents, or 2.1 percent, to 1.93 euros. Italy’s biggest food company said nine-month net income fell to 283.4 million euros from 638 million euros a year earlier, according to a statement distributed through the Italian exchange.

Chief Operating Officer Antonio Vanoli said he’s confident the company can improve profitability next year. He made the comments on a conference call with analysts. The company may make more asset disposals next year. Intermonte Sim SpA upgraded the stock to “neutral” from “underperform,” while Evolution Securities lifted its recommendation to “neutral” from “sell.”

Cheuvreux and Exane BNP Paribas increased their price estimates to 2.35 euros from 2.25 euros and to 2 euros from 1.9 euros, respectively.

Pirelli & C. Real Estate SpA (PRS IM) rose 1.7 cents, or 3.1 percent, to 56.8 cents. The real estate company was upgraded to “underperform” from “sell” at Cheuvreux, which cited “better cost savings,” and an “improving trend for recurring Ebit.”

Tenaris SA (TEN IM) rose for a second session, adding 51 cents, or 3.8 percent, to 13.8 euros. UBS AG lifted its price estimate for Tenaris ADR to $45 from $42. The brokerage kept a “buy” recommendation. The world’s biggest maker of seamless steel tubes for pipelines also had its price estimate lifted to 12 euros from 10 euros at Cheuvreux, which kept an “underperform” rating, while Natixis Securities lowered its recommendation to “reduce” from “add.”

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net

Last Updated: November 9, 2009 12:01 EST