Italian Stocks: Fiat, Intesa Sanpaolo, Banca Monte dei Paschi, Tod's, Eni
Italy’s benchmark FTSE MIB Index rose 270.02, or 1.4 percent, to 19,735.47 at the 5:30 p.m. close in Milan, ending two days of losses.
The following stocks were among the most active in the Italian market today.
Banca Monte dei Paschi di Siena SpA (BMPS IM), Italy’s third-biggest bank, climbed for the first time in three days, gaining 2.9 percent to 91 euro cents. Banking stocks advanced in Europe, after Credit Agricole SA, France’s largest bank by branches, posted a higher-than-estimated second-quarter net income.
Eni SpA (ENI IM), Italy’s biggest oil company, increased 1.4 percent to 15.61 euros, while Saipem SpA (SPM IM), Europe’s largest oilfield-services provider, gained 2.8 percent to 26.86 euros, snapping a two-day loss. Oil rose for a second day in New York as a report showed applications for U.S. unemployment benefits dropped more than forecast last week. Tenaris SA (TEN IM), the world’s largest maker of seamless pipes, rose 1.7 percent to 13.34 euros, the shares’ first advance in six days.
Fiat SpA (F IM) gained 1.9 percent to 9.26 euros, ending a two-day decline. The carmaker may raise its targets for 2010 and the third quarter has been “quite good,” Chief Executive Officer Sergio Marchionne told reporters in Rimini, Italy today.
Exor SpA (EXO IM), Fiat’s largest shareholder, rose 1.9 percent to 14.42 euros.
Intesa Sanpaolo SpA (ISP IM) climbed 4.1 percent to 2.30 euros. Banca IMI SpA, the investment banking unit of Intesa Sanpaolo SpA, said its first-half net income rose 20 percent to 350.4 million euros, according to a statement distributed by the Italian exchange.
Tod’s SpA (TOD IM) climbed 5.2 percent to 61.56 euros, the stock’s biggest gain in more than a month. The luxury-goods maker said first-half net income excluding minorities rose 21 percent to 51.6 million euros ($65.5 million), beating the 47.3 million-euro average estimate of five analysts in a Bloomberg survey. The board proposed an extraordinary dividend of 3.50 euros a share.
Mediobanca Securities lifted its price estimate on the shares to 63.10 euros from 60.20 euros and kept an “outperform” recommendation.