Italian Stocks Advance; Autogrill, Safilo, Saipem, Tenaris, UniCredit Move
Italy’s benchmark FTSE MIB Index increased 526.28, or 2.5 percent, to 21,547.84 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) rose 24 cents, or 2.5 percent, to 9.74 euros, snapping a five-day losing streak. The world’s biggest manager of airport and roadside restaurants had its valuation range increased to 11-11.50 euros from 10.60-11.40 euros at Fidentiis Equities SV SA, which cited a “strong set of second-quarter results” and kept its “buy” rating.
Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, advanced 21.5 cents, or 2.8 percent, to 7.91 euros, its highest price since May 13.
Banco Popolare SC (BP IM) increased for the first day in three, gaining 15 cents, or 3.1 percent, to 5.05 euros. European banks were the region’s second-best performers as a group, as BNP Paribas, France’s largest lender, reported earnings that topped estimates. UniCredit SpA (UCG IM) rose 7 cents, or 3.3 percent, to 2.22 euros.
Benetton Group SpA (BEN IM) advanced 16 cents, or 3 percent, to 5.54 euros. Banca Akros upgraded Italy’s biggest clothing retailer to “hold” from “reduce,” saying that the release of results “is still demonstrating Benetton efforts in terms of profitability are bearing fruit.”
EEMS Italia SpA (EEMS IM) jumped 12.3 cents, or 8.3 percent, to 1.61 euros, its highest price since May 4. The company, which assembles and tests memory chips, sold its Singapore subsidiary for $68 million in cash.
EEMS will use the proceeds from the sale to reduce debt and finance its growth, it said in a statement distributed by the Italian exchange today.
Enel SpA (ENEL IM) gained 7.5 cents, or 2 percent, to 3.84 euros, its third consecutive increase. Deutsche Bank raised its price estimate on Italy’s largest utility to 4.90 euros from 4.70 euros.
Prysmian SpA (PRY IM) rose for a second day, gaining 44 cents, or 3.4 percent, to 13.42 euros. Intermonte Sim SpA upgraded the world’s second-biggest cable maker to “outperform” from “neutral,” citing an “improving outlook in power transmission.”
Safilo Group SpA (SFL IM) gained 34 cents, or 4.1 percent, to 8.67 euros, erasing July 30’s loss. The board of the world’s second-largest maker of glasses is scheduled to approve its results. Mediobanca Securities, which lifted its price estimate to 11.70 euros from 10.80 euros, said in a note that quarterly results “should be positive overall.” The brokerage reiterated an “outperform” rating.
Saipem SpA (SPM IM) increased 78 cents, or 2.8 percent, to 28.38 euros. Flex LNG Ltd. signed a memorandum of understanding with Saipem to develop a floating liquefaction project for an Asian national oil company, which has offshore gas reserves near Australia.
Sorin SpA (SRN IM) rose 3.1 cents, or 2.1 percent, to 1.52 euros. The maker of cardiovascular devices had its price estimate raised to 2 euros from 1.75 euros at UniCredit Research. The brokerage reiterated a “buy” rating.
Telecom Italia SpA (TIT IM) gained 3.9 euro cents, or 3.9 percent, to 1.02 euros, erasing a 2.9 percent loss on July 30. “We expect second-quarter results to show more progress in turning around Tim Italy, which we see as the driver of Telecom Italia’s value, and forecast another slowdown in service revenue and subscriber declines,” Royal Bank of Scotland Group Plc said in a note. The brokerage reiterated a “buy” rating on Italy’s biggest phone company.
Tenaris SA (TEN IM), the world’s biggest maker of seamless steel tubes for oil and gas extraction, rose 48 cents, or 3.1 percent, to 15.81 euros. Crude oil surged above $81 a barrel as China’s economic outlook and advancing equities reassured investors that the global recovery is on track.
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To contact the reporter on this story: Francesca Cinelli in Milan at firstname.lastname@example.org.