Italian Stocks: Enel, Eni, Exor, Fiat, Popolare Emilia, Saipem Shares Move

Italy’s benchmark FTSE MIB Index increased for the first day in four, rising 235.58, or 1.2 percent, to 20,753 at the 5:30 close in Milan.

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

Banca Popolare dell’Emilia Romagna Scrl (BPE IM) fell 1 percent to 9.41 euros, paring a 2 percent gain on Sept. 17. The Italian co-operative bank plans to maintain its dividend payments in coming years, while ensuring its financial health, Chief Executive Officer Fabrizio Viola told daily Il Sole 24 Ore. Viola also said the lender doesn’t need to increase its capital, Sole reported.

Credit Agricole Cheuvreux SA reiterated an “underperform” rating, citing “negative earnings momentum ahead,” along with a “not compelling valuation.”

Bulgari SpA (BUL IM), the world’s third-largest jeweler, surged 2.5 percent to 6.3 euros. Pandora A/S, the Danish jeweler planning an initial public offering, said the share sale will value it at as much as 29.2 billion kroner ($5.14 billion).

Enel SpA (ENEL IM) increased 1.7 percent to 3.94 euros, snapping four days of declines. Italy’s biggest utility plans to sell about 1 billion euros ($1.3 billion) of shares in an initial public offering of its Enel Green Power unit to private investors, Il Sole 24 Ore reported without saying where it got the information. The company will reserve about 80 percent of the shares for retail investors for Italy, Sole said.

Eni SpA (ENI IM), the Italian oil company, added 2.3 percent to 15.92 euros, excluding an interim dividend of 50 euro cents apiece. BP Plc advanced in London trading after it permanently sealed its Macondo well in the Gulf of Mexico.

Fiat SpA (F IM) surged to the highest since Jan. 19, rising 4.7 percent to 10.85 euros. Sanford C. Bernstein & Co. upgraded the Italian carmaker to “outperform” from “market perform.” The brokerage, which increased its price estimate to 15 euros from 12 euros, said in a note that “the key to performance is whether Fiat can deliver earnings progress and upgrades into 2011 and 2012, irrespective of whether it is structured as one company or two.”

Fiat named Andrea Formica as head of the Fiat brand, replacing Lorenzo Sistino, 48, who will run international operations, the company said on its website on Sept. 17.

Exor SpA (EXO IM), Fiat’s main shareholder, rose 4.4 percent to 16.24 euros.

Gruppo Coin SpA (GCN IM) increased 2.7 percent to 6.80 euros, erasing the shares’ decline on Sept. 17. Fidentiis Equities SV SA reiterated a “buy” recommendation on the Italian department store chain before first-half results due on Sept. 22. The brokerage also highlighted that “the speculative appeal on the possible PAI Partners exit will continue to support the stock price in the next few months.”

Mediobanca SpA (MB IM), which is scheduled to release results tomorrow, rose for the first day in three, gaining 2 percent to 6.69 euros. Banca Akros kept a “buy” rating, saying it considers “the banking activities as hugely undervalued.”

Italy’s biggest publicly traded investment bank also had its price estimate trimmed to 8.6 euros from 9 euros at Keefe, Bruyette & Woods Ltd. which reiterated an “outperform” rating.

Saipem SpA (SPM IM) rose for a second day, gaining 2.4 percent to 29.04 euros. Europe’s largest oilfield-services provider has won onshore contracts for $500 million in Algeria, Nigeria and the Democratic Republic of Congo, according to a statement distributed by the Italian exchange.

Telecom Italia SpA (TIT IM) gained 2 percent to 1.05 euros, ending a three-day loss. Italy’s biggest phone company doesn’t foresee changes to its current business plan, Chief Executive Officer Franco Bernabe told reporters in Milan today.

Berenberg Bank suggested that investors increase their weighting in the shares, according to a note today.

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

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