Italian Stocks: Fiat, Pirelli, Pop. Milano, Prysmian, Saipem

Italy’s benchmark FTSE MIB Index declined for the first time in three sessions, falling 195.36, or 0.8 percent, to 23,151.30 in Milan.

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

Autogrill SpA (AGL) gained 8 cents, or 0.8 percent, to 9.36 euros, a third straight increase. The world’s biggest manager of airport restaurants said it renewed a contract worth 9 billion Canadian dollars ($9 billion) to operate 23 concessions on the country’s two busiest highways for 50 years.

The contract will generate more than 100 million Canadian dollars of revenue a year, Autogrill said in a statement distributed by the Italian exchange.

Banco Popolare SC (BP) declined 6 cents, or 1 percent, to 5.16 euros, ending a two-session advance. Updated European banking rules may hurt Italian lenders and undermine an economic recovery, Banca Monte dei Paschi di Siena SpA (BMPS IM) General Director Antonio Vigni said in an interview with Il Sole 24 Ore.

Monte dei Paschi shares slid 1.1 cents, or 1 percent, to 1.1 euros. Banca Popolare di Milano Scrl (PMI IM) declined 3.5 cents, or 0.8 percent, to 4.61 euros. Intesa Sanpaolo SpA (ISP) fell 5 cents, or 1.8 percent, to 2.77 euros.

Cobra Automotive Technologies SpA (COB IM) gained for a second day, increasing 0.1 percent, to 1.84 euros. The maker of electronic-security systems said in a statement that it signed the final agreement regarding its planned partnership with South Africa’s Tracker Investment Holding Limited.

Fiat SpA (F) dropped 21.5 cents, or 2.2 percent, to 9.75 euros, snapping three sessions of gains. Intermonte Sim SpA, which has a “neutral” rating on the Italian carmaker, said that Fiat’s performance in Germany was below expectations last month.

German new-car registrations fell 27 percent in March, the VDIK industry group said in an e-mailed statement yesterday.

Pirelli & C. SpA (PC) rose for the first time in five sessions, gaining 0.7 cents, or 1.6 percent, to 45.25 cents. Societe Generale SA lifted its price estimate on Europe’s third-largest tiremaker to 54 cents from 50 cents and kept a “buy” recommendation.

Prysmian SpA (PRY) gained for a third session, increasing 41 cents, or 2.7 percent, to 15.69 euros. Natixis Securities upgraded the world’s second-biggest cable maker to “buy” from “add.” The brokerage cited a “high acquisition potential” along with “the end to placement risk” and “the potential driver in the form of commodities.”

Saipem SpA (SPM) , Europe’s largest oilfield-services provider, retreated for the first time in four sessions, losing 54 cents, or 1.8 percent, to 29.61 euros. Oil declined from an 18-month high as forecasts of rising U.S. crude supplies damped optimism that the economic recovery will stimulate fuel demand.

To contact the reporter on this story: Francesca Cinelli in Milan at

To contact the editor responsible for this story: David Merritt at

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