Italian Stocks Gain; Datalogic, Fiat, Pirelli, Saipem, and UniCredit Move
Italy’s benchmark FTSE MIB Index rose 69.29, or 0.3 percent, to 20,549.37 as of 1:57 p.m. in Milan. The gauge has increased 0.3 percent this week.
The following stocks were among the most active in the Italian market today.
Amplifon SpA (AMP IM) advanced 9.25 cents, or 2.3 percent, to 4.14 euros, a third gain this week. Mediobanca Securities reiterated an “outperform” rating on the world’s largest hearing-aid distributor ahead of “another strong quarter.” Second-quarter results are due on July 28.
Banca Monte dei Paschi di Siena SpA (BMPS IM) rose 1.1 percent to 96.6 cents after Bank of America Corp., the largest U.S. lender, posted profit that beat the estimate of most analysts as pressure from overdue loans abated. Intesa Sanpaolo SpA (ISP IM) gained 0.8 percent to 2.42 euros and UniCredit SpA (UCG IM) increased 1.2 percent to 2.05 euros.
Bulgari SpA (BUL IM), the world’s third-largest jeweler, gained for the first time in three sessions, rising 6.5 cents, or 1.1 percent, to 6.18 euros. Burberry Group Plc climbed in London after the U.K.’s biggest luxury retailer said it has entered an agreement to acquire the stores and related assets in China currently operated by its long-standing franchisees.
Datalogic SpA (DAL IM) gained for a third day this week, rising 5.25 cents, or 1.4 percent, to 3.89 euros. Europe’s largest maker of barcode scanners said second-quarter revenue rose 33 percent to 101 million euros ($130.4 million).
Fiat SpA (F IM) followed automobile stocks higher in Europe, gaining 13.5 cents, or 1.5 percent, to 9.42 euros.
“After surveying EU automakers and suppliers, we conclude that the sector will continue its strong recovery with a very solid third quarter,” Cheuvreux said in a note.
Pirelli & C. SpA (PC IM), Europe’s third-largest tiremaker, gained 0.9 cents, or 1.9 percent, to 48.85 cents.
Prysmian SpA (PRY IM) rose 18 cents, or 1.4 percent, to 12.8 euros, ending a two-day loss. Fidentiis Equities SV SA initiated coverage of the world’s second-biggest cable maker with a “buy” recommendation.
Separately, the company won a contract worth more than 150 million euros in Germany.
Saipem SpA (SPM IM) rose 40 cents, or 1.5 percent, to 27.15 euros. Equita Sim SpA lifted its price estimate on Europe’s largest oilfield-services provider by 6 percent to 30.6 euros, citing an “improved order intake.” The brokerage kept a “hold” rating.
Yorkville BNH SpA (BY IM) advanced 0.2 cents, or 2.3 percent, to 8.8 cents. The investment company requested 1.7 million euros in new shares from YA Global Investments LP as part of a standing agreement, according to a statement distributed through the Italian exchange today.