Italian Stocks: Fiat Industrial, Pirelli, Popolare, UniCredit
Italy’s benchmark FTSE MIB Index rose for a third day, adding 109.51, or 0.5 percent, to 22,421.03 at 1:02 p.m. in Milan. The gauge has gained 1.5 percent this week.
The following stocks were among the most active in the Italian market today.
Banca Popolare di Milano Scrl (PMI IM) advanced for a second day, rising 2.3 percent to 3.14 euros as banking stocks were among the best performers in Europe. Banco Popolare SC (BP IM) surged 5 percent to 2.65 euros.
Fiat Industrial SpA (FI IM) lost 1.8 percent to 10 euros, extending a 4.5 percent drop yesterday. Equita Sim SpA cut its rating on the company, whose main assets are truck and tractor makers Iveco SpA and CNH Global NV, to “hold” and removed the stock from its “main portfolio.”
Mediaset SpA (MS IM) advanced for a sixth day, rising 2.1 percent to 4.81 euros. Mediobanca Securities reiterated an “outperform” rating on the broadcaster owned by Italian Prime Minister Silvio Berlusconi, saying in a note that “after the successful capital increase of Gestevision Telecinco SA, we would note that the Italian business is extremely cheap.”
Parmalat SpA (PLT IM) rose 1.1 percent to 2.31 euros, its third straight gain. The group of Parmalat investors that plans to nominate directors to the company’s board may increase its stake to 29.9 percent from 15.3 percent, MF reported, without saying where it got the information.
Pirelli & C. SpA (PC IM) lost 1.5 percent to 5.7 euros. The tiremaker had its price estimate cut to 6 euros from 7.10 euros at Goldman Sachs Group Inc.
Saras SpA (SRS IM) dropped 1.8 percent to 1.8 euros after surging 8 percent yesterday. Gazprom Neft said it’s not seeking to buy a stake in the owner of the largest oil refinery in the Mediterranean. The oil arm of OAO Gazprom said it’s in talks with Saras on possible oil supplies.
Equita Sim SpA said in a note that “the stock’s sharp speculative reaction may reverse, whereas we see a gradual improvement in fundamentals.”
Telecom Italia SpA (TIT IM) ended two days of gains, falling 1.2 percent to 1.07 euros. JPMorgan Chase & Co. added Italy’s biggest phone company to its “analyst conviction” list as a short.
UniCredit SpA (UCG IM) rose 1.6 percent to 1.88 euros after adding 2.4 percent yesterday. DZ Bank upgraded Italy’s biggest bank to “buy” from “sell,” saying in a note that “the stabilization of the debt crisis which is becoming evident will lead to a significant improvement in sentiment for Italian bank.”
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