Italian Stocks: Ansaldo, Bulgari, Campari, Buzzi, Fiat, Piaggio

Italy’s benchmark FTSE MIB Index lost 217.01, or 1 percent, to 21,180.81 at the 5:30 p.m. close in Milan, falling for the second day this week.

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

Banca Monte dei Paschi di Siena SpA (BMPS IM) lost 3.4 percent to 95.2 euro cents amid renewed concern that peripheral euro-area countries cannot pay their debts. The cost of insuring Irish sovereign debt surged to a record as credit-default swaps on Allied Irish Banks Plc’s subordinated debt signaled a 63 percent probability of default within five years.

Banca Popolare di Milano Scrl (PMI IM) slid 1.8 percent to 3.23 euros. Intesa Sanpaolo SpA (ISP IM) sank 2.5 percent to 2.46 euros. UniCredit SpA (UCG IM) retreated 2.4 percent to 1.80 euros. Unione di Banche Italiane SCPA (UBI IM) dropped 1.6 percent to 7.46 euros.

Bulgari SpA (BUL IM) declined for the first time in five days, dropping 2.3 percent to 7.75 euros. CA Cheuvreux resumed coverage of the world’s third-largest jeweler with an “underperform” rating.

“Based on valuation multiples, the market expects earnings before interest and taxes to more than double to 160 million euros rapidly,” the brokerage said in a note. “This seems to be a challenging assumption.”

Buzzi Unicem SpA (BZU IM) Italy’s second-biggest cement maker, surged 2.9 percent to 8.37 euros, following gains yesterday by U.S. companies such as Vulcan Materials Co. Italcementi SpA (IT IM), the country’s biggest, advanced 2.5 percent to 6.21 euros.

The shares of distiller Davide Campari-Milano SpA (CPR IM) retreated 2.7 percent to 4.50 euros. Anheuser-Busch InBev NV dropped the most in almost three months as the brewer’s profit growth missed estimates.

Fiat SpA (F IM) gained 2.9 percent to 12.19 euros, erasing two days of declines. UBS AG upgraded Fiat to “buy” from “neutral.” The brokerage predicts that the company’s auto business will surprise “cyclically, with excess cash generation from working capital when the macro cycle turns.”

Exor SpA (EXO IM) advanced for a second day this week, rising 3.2 percent to 19 euros. Fiat’s main shareholder had its price estimate lifted to 25.60 euros from 19 euros at UBS, which said that Exor will “reap the benefits” from any restructuring of the carmaker’s auto and industrial divisions.

Fondiaria-SAI SpA (FSA IM) lost 2.5 percent to 7.57 euros, taking this week’s loss to 11 percent. Banca Akros downgraded the insurer to “hold” from “accumulate.” The brokerage said in a note that the stock’s “low valuation clearly reflects investor concerns on a possible capital shortfall at group level.”

Piaggio & Cie. SpA (PIA IM) lost 2.9 percent to 2.53 euros, extending yesterday’s drop. Fidentiis Equities SV SA said in a note that Piaggio “remains a sell.” Immsi SpA (IMS IM) sold 5 million shares, or 1.35 percent, of the scooter maker to institutional investors through Banca IMI SpA.

Prelios SpA (PRS IM), formerly Pirelli Real Estate SpA, gained 4.8 percent to 43.8 euro cents. The company said it posted a net loss of 29.6 million euros ($41.5 million) in the first nine months of the year, compared with a loss of 57.9 million euros a year earlier.

Saras SpA (SRS IM) fell for a second day, losing 2.2 percent to 1.53 euros. BofA Merrill Lynch Global Research reiterated an “underperform” rating on the refiner ahead of quarterly results, due on Nov. 12.

“We expect there was little respite for refining earnings during the third quarter,” the brokerage said in a note. “This should bring into sharp focus the fact that in this refining environment, a very high complexity refinery such as Saras’s Sarroch, is poorly exposed.”

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

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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