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Italian Stocks Gain; Bulgari, FastWeb, Fondiaria, Mediaset, Prysmian Move
Italy’s benchmark FTSE MIB Index surged the most since July 7, rising 635.39, or 3.2 percent, to 20,369.96 at the 5:30 p.m. in Milan.
The following stocks were among the most active in the Italian market today.
Azimut Holding SpA (AZM IM), Italy’s largest independent fund manager, climbed as industries sensitive to economic growth like financials and automakers advanced as reports showed growth in U.S. and Chinese manufacturing accelerated. Mediolanum SpA (MED IM), the financial-services company partly owned by Italian Prime Minister Silvio Berlusconi, increased 4.8 percent to 3.06 euros.
Intesa Sanpaolo SpA (ISP IM) and UniCredit SpA (UCG IM), Italy’s biggest banks, climbed 4.6 percent to 2.32 euros and 4.1 percent to 1.93 euros, respectively. Fiat SpA (F IM) advanced 4.4 percent to 9.65 euros. Exor SpA (EXO IM), the main shareholder of the Italian carmaker, gained 3.9 percent to 15.1 euros.
Bulgari SpA (BUL IM) advanced 4.8 percent to 6.11 euros, the highest in almost a month. The luxury-goods maker was raised to “overweight” from “neutral” at HSBC Holdings Plc.
“Despite fundamentals that have been shaken up in the downturn, we don’t think sales underperformance will last forever,” the brokerage said in a note. “The risk/reward profile is more compelling now.”
Luxottica Group SpA (LUX IM), the world’s largest maker of eyewear, ended a two-day loss, rising 3.7 percent to 18.91 euros. HSBC reiterated an “overweight” rating.
Buzzi Unicem SpA (BZU IM), Italy’s second-biggest cement maker, rose for the first time this week, gaining 4 percent to 7.45 euros. Construction stocks advanced across Europe, led by Lafarge SA and HeidelbergCement AG after Cheuvreux upgraded the former and kept the latter as its top pick in the cement industry. Italcementi SpA (IT IM), Italy’s biggest cement maker, increased 3 percent to 5.84 euros.
Eni SpA (ENI IM), Italy’s biggest oil company, advanced 2.4 percent to 16.05 euros. Crude oil futures extended gains after a U.S. government report showed an unexpected decline in supplies of distillate fuels. Saipem SpA (SPM IM), Europe’s largest oilfield-services provider, gained 1.9 percent to 28.15 euros. Tenaris SA (TEN IM), the world’s largest maker of seamless pipes, rose 3.3 percent to 13.82 euros.
FastWeb SpA (FWB IM) rallied 18 percent to 13.3 euros, the steepest increase since October 2002. Swisscom AG is weighing its options on buying out minority interests in FastWeb and hasn’t decided yet, Carsten Roetz, a spokesman for the Swiss company, said in comments e-mailed to Bloomberg.
Fondiaria-Sai SpA (FSA IM) rose for a second day this week, gaining 3.6 percent to 7.76 euros. Equita Sim SpA removed Italy’s second-biggest insurer from its “least preferred portfolio.”
Mediaset SpA (MS IM) gained 3.8 percent to 5.08 euros, the highest in more than 10 weeks, as media stocks advanced across Europe. Vivendi SA, the owner of the world’s largest video-games company, raised its full-year targets after first-half profit beat analysts’ estimates.
Prysmian SpA (PRY IM), the world’s second-biggest cable maker, gained 4.2 percent to 12.89 euros as copper gained in New York and London after manufacturing in China, the world’s largest user, grew at a faster pace last month.
Cheuvreux reiterated an “outperform” recommendation on the stock.
To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.
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