Nov. 10 (Bloomberg) -- Italy’s benchmark FTSE MIB Index declined 52.27, or 0.2 percent, to 23,013.66 in Milan.

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

Acea SpA (ACE IM) rose 23 cents, or 3 percent, to 7.87 euros. “The stock remains significantly undervalued,” BofA Merrill Lynch Global Research wrote in a note today. The brokerage reiterated a “buy” rating on Rome’s municipal utility while trimming its price estimate to 12 euros from 13 euros.

Astaldi SpA (AST IM) increased 24.5 cents, or 3.9 percent, to 6.5 euros. Italy’s second-biggest builder said third-quarter net income rose 40 percent to 15.5 million euros ($23.2 million).

Banco Popolare SC (BP IM) rose 6.5 cents, or 1.1 percent, to 6.19 euros, a third straight gain. Keefe, Bruyette & Woods Ltd reiterated an “outperform” recommendation on the stock, while JPMorgan Chase & Co. lifted its price estimate to 8.9 euros from 6.4 euros with an “overweight” rating unchanged.

Enel SpA (ENEL IM) increased 5.25 cents, or 1.3 percent, to 4.22 euros, extending gains of 1.8 percent yesterday. Italy’s biggest utility was raised to “buy” from “hold” at S&P Equity Research, which also lifted its price estimate on the stock to 4.78 euros from 3.98 euros.

Intesa Sanpaolo SpA (ISP IM) gained for a second day, adding 4.5 cents, or 1.6 percent, to 2.95 euros. Italy’s second- biggest bank said third-quarter profit was unchanged from last year, beating analysts’ estimates, as trading income surged. Nomura International Plc said in a note after the release that “lower than expected loan loss charges were an encouraging sign of improving asset quality.”

Geox SpA (GEO IM) sank 26 cents, or 4.8 percent, to 5.16 euros. The shoemaker said nine-month net income fell to 89.7 million euros from 134.6 million euros a year earlier, according to a statement today. Cheuvreux, which has an “underperform” rating on the stock, said in a note after the release that third-quarter results were “slightly lower” than expected.

Prysmian SpA (PRY IM) dropped 1.06 euros, or 8.2 percent, to 11.84 euros, ending a four-session increase. Prysmian SpA owners sold 26 million shares in the Italian company at 12 euros per share, according to a person familiar with the offer who asked not to be identified.

Intermonte Sim SpA downgraded the stock to “underperform” from “neutral.”

Risanamento SpA (RN IM) surged the most in almost a month, adding 7.3 cents, or 16 percent, to 53.8 cents. The company’s restructuring plan was approved by a Milan court, which rejected prosecutors’ requests to declare the real-estate company bankrupt, Milan judge Filippo Lamanna told reporters today.

Saras SpA (SRS IM) plummeted 10.75 cents, or 4.9 percent, to 2.1 euros. The owner of the Mediterranean region’s biggest refinery said in a statement today that its third-quarter net loss widened to 49.6 million euros from 19.7 million euros. Results were “weaker than expected,” Cheuvreux said in a note after the release.

Terna Rete Elettrica Nazionale SpA (TRN IM) added 2.75 cents, or 1 percent, to 2.78 euros. The owner of Italy’s national power grid said nine-month net income rose 13 percent to 320 million euros from a restated 283 million euros a year earlier, according to a statement distributed through the Italian exchange. The company will pay an interim dividend of 7 euro cents, it said.

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

Last Updated: November 10, 2009 11:58 EST