Italy Stocks Gain; Azimut, Fiat, Italcementi, Prysmian, Risanamento Move

Italy’s benchmark FTSE MIB Index advanced for the first day in six, rising 152.60, or 0.8 percent, to 20,137.92 at the 5:30 p.m. close in Milan.

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

Autogrill SpA (AGL IM), the world’s biggest manager of airport and highway restaurants, gained 24 cents, or 2.5 percent, to 9.99 euros, snapping a four-day decline. Gruppo Banca Leonardo SpA reiterated a “buy” rating, citing a 2.5 percent increase in U.S. passenger air traffic in June.

Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, rose for the first time in four days, gaining 16 cents, or 2.5 percent, to 6.7 euros as the Stoxx Europe 600 Index gained the most in a week.

Fiat SpA (F IM) climbed the most since May 10, rising 61 cents, or 6.7 percent, to 9.67 euros. Italy’s largest carmaker returned to profit in the second quarter on higher sales of trucks and agricultural machines. It may raise its forecast later this year.

MF Global Securities Ltd. upgraded the stock to “buy” from “neutral,” saying that “while the outlook remains difficult for Fiat Auto, overall we see risk-reward balance on the upside for 70 percent of the group.”

Exor SpA (EXO IM), Fiat’s main shareholder, increased 34 cents, or 2.4 percent, to 14.82 euros, its third straight gain.

Fondiaria-Sai SpA (FSA IM) declined 7 cents, or 0.9 percent, to 7.72 euros, a fifth consecutive loss. Italy’s second-biggest insurer was downgraded to “underweight” from “neutral” at HSBC Holdings Plc. While “Fondiaria remains a key beneficiary of the improvement in the Italian non-life market, especially the motor insurance segment, we do not expect a return to underwriting profitability in the non-life segment before 2011,” the brokerage said in a note.

Gemina SpA (GEM IM) climbed 1.45 euro cents, or 2.9 percent, to 51.75 cents, the first gain in eight days. Equita Sim SpA lifted its price estimate on the owner of Rome’s airport operator Aeroporti di Roma SpA to 82 cents from 80 cents and reiterated a “buy” recommendation.

Gruppo Editoriale L’Espresso SpA (ES IM) gained for a second day this week, rising 6.4 cents, or 4.4 percent, to 1.51 euros. Equita Sim SpA upgraded the publisher to “buy,” while trimming its price estimate to 2.10 euros from 2.40 euros.

Intesa Sanpaolo SpA (ISP IM) declined 3.25 cents, or 1.4 percent, to 2.32 euros, falling for a sixth day. Italy’s second- biggest bank is on a shortlist to buy a stake in Poland’s Bank Zachodni WBK SA that Allied Irish Banks Plc is selling, Dziennik reported, without citing anyone.

Italcementi SpA (IT IM) surged 16 cents, or 2.7 percent, to 6.1 euros, rebounding from its lowest price in about two weeks. Italy’s biggest cement maker may refinance about 600 million euros ($768.4 million) of debt by the end of the summer, daily Il Sole 24 Ore reported, without saying where it got the information.

Pirelli & C. SpA (PC IM) increased 0.85 euro cents, or 1.8 percent, to 48.1 cents, ending a five-day losing streak. UBS AG lifted its price estimate on Europe’s third-largest tiremaker to 56 cents from 48 cents with a “buy” rating unchanged.

Prysmian SpA (PRY IM), the world’s second-biggest cable maker, gained 31 cents, or 2.5 percent, to 12.55 euros. Copper rose for a third day in London as inventories continued their longest streak of declines in more than a year, signaling steady demand.

Separately, Natixis Securities trimmed its price estimate on the stock to 13.5 euros from 14 euros, while reiterating a “buy” recommendation and keeping Prysmian as its top pick among cable suppliers.

Risanamento SpA (RN IM) sank 1.7 euro cents, or 5 percent, to 32.3 cents, extending yesterday’s 8.5 percent loss. “The seizure of Santa Giulia adds uncertainty to a property that represents some 20 percent of the group’s assets’ value,” Mediobanca Securities wrote in a note. The brokerage reiterated an “underperform” rating on the real-estate company.

Telecom Italia SpA (TIT IM) advanced 2.4 euro cents, or 2.6 percent, to 94 cents. Sanford C. Bernstein & Co. reiterated an “outperform” recommendation on Italy’s biggest phone company ahead of second-quarter results.

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

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