Italian Stocks Gain; Beni Stabili, Intesa, Popolare, Saras, STMicro Move
Italy’s benchmark FTSE MIB Index advanced 284.86, or 1.2 percent, to 23,480.42, a second gain this week.
The following stocks were among the most active on the Italian market today.
Banco Popolare SC (BP IM) rose for a second day this week, gaining 13 cents, or 2.5 percent, to 5.36 euros. Kepler Capital Markets rated the stock a “buy,” saying in a note that benefits from a potential restructuring will outweigh risks. The brokerage also initiated coverage of UniCredit SpA (UCG IM) with a “buy” rating. UniCredit shares advanced 3.25 cents, or 1.4 percent, to 2.29 euros.
Beni Stabili SpA (BNS IM) retreated for a third day, falling 2.15 cents, or 3.1 percent, to 66.7 cents as the real- estate company sold a stake of about 7 percent as part of a move towards tax-exempt status.
“Despite stressing that the share price may suffer in the short term, we positively judge this piece of news, which we see as an unexpectedly quick step toward the achievement of the REIT status,” Gruppo Banca Leonardo said in a note.
Intesa Sanpaolo SpA (ISP IM) rose for a fourth session, gaining 10 cents, or 3.6 percent, to 2.9 euros. Intermonte Sim SpA upgraded Italy’s second-biggest bank to “outperform” from “neutral,” while Kepler Capital Markets initiated coverage of the stock with a “hold” rating.
Pirelli & C. SpA (PC IM) gained for a second day, increasing 1.4 cents, or 3.2 percent, to 45 cents. “The management has showed a strong commitment towards the execution of the real-estate subsidiary spinoff,” Banca Akros said in a note. The brokerage, which has a “buy” rating on the stock, considers this move as “a unique re-rating opportunity.”
Pirelli & C. Real Estate SpA (PRS IM) rose 2.1 percent to 47.35 cents.
Saras SpA (SRS IM) added 7.75 cents, or 3.8 percent, to 2.11 euros, ending a two-day loss. Natixis Securities upgraded the refiner to “add” from “reduce.” The brokerage cited as “improvement in the refining environment.”
STMicroelectronics NV (STM IM) surged 23.5 cents, or 3.1 percent, to 7.76 euros, the highest since September 2008, after Intel Corp., the world’s biggest chipmaker, forecast second- quarter sales that topped analysts’ predictions, citing growing worldwide demand for computers.
EEMS Italia SpA (EEMS IM), the company that assembles and tests memory chips, rose 2.6 cents, or 1.6 percent, to 1.65 euros.
To contact the reporter on this story: Francesca Cinelli in Milan at email@example.com.