Italian Stocks Gain; Fiat, Impregilo, Italcementi, Monte Paschi Siena Move
Italy’s benchmark FTSE MIB Index rose for a third day, gaining 42.32, or 0.2 percent, to 20,412.28 at the 5:30 p.m. close in Milan.
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-largest bank, rose 3.2 percent to 1.01 euros, the highest in more than three weeks. “The shares are regaining ground as funds were underweight,” said Alessandro Valentinis, head of trading at Cassa Lombarda in Milan.
Banco Popolare SC (BP IM), Italy’s fifth-biggest bank, rose 1.3 percent to 4.6 euros, a second day of gains. Hammer Partners reiterated a “buy” rating on the stock, saying in a note that the stock offers “more reward than risk at this price.”
Fiat SpA (F IM), Italy’s largest carmaker, and Italcementi SpA (IT IM), the country’s biggest cement maker, increased 2.6 percent to 9.9 euros and 3.1 percent to 6.02 euros, respectively, tracking gains in auto-industry stocks and construction shares in Europe. Pirelli & C. SpA (PC IM), Europe’s third-largest tiremaker, advanced 1.5 percent to 5.49 euros.
Impregilo SpA (IPG IM) rose for a second day, gaining 2.9 percent to 2.13 euros. Shares of Italy’s biggest builder are “benefiting from the release of results last week,” said fund manager Alessandro Frigerio of RMJ Sgr in Milan.
Telecom Italia SpA (TIT IM), Italy’s biggest phone company, lost 1.5 percent to 1.08 euros as telecommunication shares were the worst performers in Europe today.
To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.
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