Italian Stocks: Amplifon, Autogrill, Exor, Telecom Italia Move in Milan
Italy’s FTSE MIB Index was little changed, slipping 8.08, or less than 0.1 percent, to 19,228.18 at 10:54 a.m. in Milan. The gauge has lost 1.7 percent this month and 16 percent in the second quarter.
The following stocks were among the most active in the Italian market today.
Amplifon SpA (AMP IM) advanced 9 cents, or 2.5 percent, to 3.72 euros, its second gain this week. Jefferies Group Inc. initiated coverage of the world’s largest hearing-aid distributor with a “buy” rating and a price estimate of 4.7 euros.
Autogrill SpA (AGL IM) rose 24.5 cents, or 2.6 percent, to 9.74 euros, paring yesterday’s decline. Credit Agricole Cheuvreux SA kept the world’s biggest manager of airport and highway restaurants as one of its best picks among “Italian smaller companies,” because of the company’s “increasing cash generation from lower competition, exposure to traffic rebound, cheap valuation.”
Banca Monte dei Paschi di Siena SpA (BMPS IM) retreated 0.8 euro cents, or 0.9 percent, to 92 cents, a second day of losses, as Mediobanca Securities cut its recommendation on the lender to “underperform” from “neutral.”
Fiat SpA (F IM) increased 9 cents, or 1.1 percent, to 8.59 euros as auto stocks led gains in Europe. Exor SpA (EXO IM), Fiat’s main shareholder, advanced 23 cents, or 1.7 percent, to 13.88 euros. Shares of tiremaker Pirelli & C. SpA (PC IM) gained 1 percent to 46 euro cents.
Landi Renzo SpA (LR IM) rose 7.25 cents, or 2.4 percent, to 3.04 euros, a second increase this week. Banca Akros upgraded the maker of injection systems for alternative fuels to “hold” from “reduce,” while trimming its price estimate to 3 euros from 3.7 euros.
Telecom Italia SpA (TIT IM) declined for a second day, falling 1.1 euro cents, or 1.2 percent, to 90.5 cents. The company’s strategy in Brazil won’t change following Telefonica SA’s offer for Portugal Telecom SGPS SA’s stake in Vivo Participacoes SA, Chief Executive Officer Franco Bernabe said, according to Italian daily Il Sole 24 Ore.
“The higher likelihood of a positive outcome for Telefonica in the Vivo bid brings a few negative implications for Telecom Italia,” Banca Akros said in a note. “From a speculative standpoint, the interest of Telefonica for Telecom Italia would basically vanish.”