Italian Stocks: Cementir, Fondiaria, Italcementi, Saipem Move

Italy’s benchmark FTSE MIB Index rose 508.10, or 2.7 percent, to 19,356.66 in Milan, the biggest increase in more than five weeks.

The following stocks are among the most active in the Italian market today.

Azimut Holding SpA (AZM) , Italy’s largest independent fund manager, surged 24.5 cents, or 3.8 percent, to 6.66 euros as the Stoxx Europe 600 Index ended the longest losing streak in a year.

Buzzi Unicem SpA (BZU) and Italcementi SpA (IT) , Italy’s biggest cement makers, increased 2.6 percent to 8.2 euros and 4.2 percent to 6.13 euros as industries sensitive to growth were the best performers in Europe today.

Cementir Holding SpA (CEM) , the cement maker owned by Italy’s Caltagirone family, climbed 15 cents, or 7 percent, to 2.28 euros.

Enel SpA (ENEL) gained 7.25 cents, or 2.1 percent, to 3.51 euros, erasing yesterday’s decline. Chief Executive Officer Fulvio Conti said Italy’s biggest utility is “well on its way” to beating its 2010 earnings forecast and considers October the “right time” for its renewable-energy unit to sell shares.

Fiat SpA (F) increased 22 cents, or 2.7 percent, to 8.33 euros.

“We expect original equipment manufacturers and auto parts companies to report a strong set of second-quarter/first-half results at the end of July,” Deutsche Bank AG said in a note on the European automobile industry today. The brokerage cited “low valuation, a weak second half already anticipated, and a potentially more resilient earnings/cash performance than currently anticipated by the market.”

Exor Spa (EXO) , Fiat’s main shareholder, gained 49 cents, or 3.6 percent, to 13.95 euros. Pirelli & C. SpA (PC) , Europe’s third-largest tiremaker, advanced 1.4 cents, or 3.1 percent, to 46.25 cents.

Fondiaria-Sai SpA (FSA IM) jumped 42.5 cents, or 5.8 percent, to 7.79 euros, the biggest gain in almost two months. Nomura Holdings Inc. resumed coverage of Italy’s second biggest insurer with a “buy” recommendation and a price estimate of 11 euros. The brokerage, which previously rated the stock “neutral,” said in a note that Fondiaria is “the best option to gain exposure to a recovery” in the Italian auto insurance industry because of “its higher gearing to this segment both in terms of operating earnings and stock performance.”

Mediobanca SpA (MB) rose 23.5 cents, or 3.9 percent, to 6.25 euros. Abertis Infraestructuras SA’s two main shareholders and CVC Capital Partners Ltd. are in talks to borrow as much as 7 billion euros ($8.8 billion) to fund a buyout of Spain’s biggest highway operator, according to two people familiar with the plans. Mediobanca is advising the bidders, they said.

Intesa Sanpaolo SpA and UniCredit SpA (UCG), Italy’s biggest lenders, are among banks involved in the financing.

Prysmian SpA (PRY) , the world’s second-biggest cable maker, advanced 37 cents, or 3.2 percent, to 12.05 euros, the highest level in a week. Copper prices jumped the most in a week as shrinking inventories signaled demand will remain steady even as global economic growth slows.

Saipem SpA (SPM) , Europe’s largest oilfield-services provider, rose 96 cents, or 3.9 percent, to 25.76 euros, erasing yesterday’s losses as oil rose for the first time in six days.

Tenaris SA (TEN) , the world’s biggest maker of seamless steel tubes for oil and gas extraction, gained 51 cents, or 3.7 percent, to 14.46 euros.

Telecom Italia SpA (TIT) increased 3.25 cents, or 3.7 percent, to 91.9 cents, ending a five-session loss. Italy’s biggest phone-company and rivals such as Vodafone Group Plc should work together to build an ultrafast broadband network in Italy, the country’s communications regulator said.

Phone companies, local governments and entrepreneurs should cooperate with the aim of upgrading Italy’s copper network to a fiber-optic grid, the regulator said in an annual report presented in Rome today.

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

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net

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