Italian Stocks Rebound; Carige, Exor, Fiat, Luxottica, Prysmian, UBI Move
Italy’s FTSE MIB Index advanced 253.86, or 1.3 percent, to 19,535.91. The gauge fell 1.2 percent this week. The following stocks were among the most active on the Italian market today.
Banca Carige SpA (CRG IM) gained 4.5 cents, or 3 percent, to 1.55 euros after Fitch Ratings changed the bank’s outlook to “stable” from “negative.”
Bulgari SpA (BUL IM), the world’s third-largest jeweler, retreated for a third session, falling 9.5 cents, or 1.6 percent, to 5.95 euros. Luxottica Group SpA (LUX IM), the world’s largest maker of eyeglasses, declined 52 cents, or 2.6 percent, to 19.5 euros. The euro climbed to its highest level in a week against the dollar, on optimism European Union officials will take further action to halt the region’s debt crisis.
Cairo Communication SpA (CAI IM) rose 6.25 cents, or 2.8 percent, to 2.29 euros, a first gain this week. “Sales in the second quarter are accelerating because of better advertising trend and benefitting by new TV contracts,” Equita Sim SpA wrote in a note.
Fiat SpA (F IM) advanced 24 cents, or 2.9 percent, to 8.65 euros, snapping a two-day loss. Goldman Sachs Group Inc. trimmed its price estimate on the Italian carmaker to 15 euros from 16 euros, while keeping a “conviction buy” recommendation on the stock. The brokerage said it considers Fiat as “the most attractive value proposition” in its coverage on a 12-month view.
Exor SpA (EXO IM), Fiat’s main shareholder, gained 41 cents, or 3.3 percent, to 12.94 euros.
Geox SpA (GEO IM) rose 19 cents, or 4.9 percent, to 4.06 euros. “The shares are recouping some ground after dropping more than 20 percent in a week,” said Filippo Cavadini, a fund manager at RMJ Sgr in Milan. He noted that Chairman Mario Moretti Polegato “bought shares in the shoemaker in light of the correction in share prices.”
Prysmian SpA (PRY IM), the world’s second-biggest cable maker, increased 49 cents, or 4.4 percent, to 11.76 euros. Exane BNP Paribas, which has a “neutral” rating on the stock, said in a note today that “the continuing deterioration in some markets is now coming to an end.”
Saras SpA (SRS IM) gained 4.7 cents, or 3 percent, to 1.62 euros. The owner of the largest oil refinery in the Mediterranean is benefitting from a rebound in crude-processing margins this quarter, Vice Chairman Angelo Moratti said in an interview.
STMicroelectronics NV (STM IM), Europe’s largest chipmaker, rose 6.5 cents, or 1 percent, to 6.34 euros, ending a two-day loss. Infineon Technologies AG’s Chief Executive Officer Peter Bauer forecasts the rebound in the worldwide chip market to last beyond the end of next year, Boersen-Zeitung reported, citing an interview.
Unione di Banche Italiane ScpA (UBI IM) rose 29 cents, or 3.9 percent, to 7.81 euros. Deutsche Bank AG, which has a “hold” rating on the stock, said in a note today that the agreement with labor unions to cut headcount by 895 “is very supportive of UBI Banca, especially as it could more than offset any eventual increase of personnel expenses linked to the renewal of the National Labor contract (2011), at a limited one- off cost.”
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