Italian Stocks Fluctuate; Buzzi Unicem, Parmalat, Banca Monte dei Paschi

Italy’s benchmark FTSE MIB Index ended little changed, rising 10.8, or 0.1 percent, to 23,178.38 at the 5:30 p.m. close in Milan.

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

Astaldi SpA (AST IM) increased 2.2 percent to 5.66 euros as Italy’s second-biggest builder said it won a 215 million-euro ($292.4 million) contract to build a new metro line in Bucharest.

Buzzi Unicem SpA (BZU IM) dropped 3.4 percent to 10.35 euros, snapping a six-day winning streak. Citigroup Inc. downgraded Italy’s second-biggest cement maker to “sell” from “hold,” citing in a note the stock’s recent performance. Citigroup also said Buzzi and Holcim Ltd. are its “least preferred stocks” among pan-European building materials companies.

Fondiaria-SAI SpA (FSA IM) added 2.8 percent to 7.03 euros, rising for a third day. Cheuvreux SA reiterated its “outperform” rating on Italy’s second-biggest insurer, saying in a note that the stock is “cheap.” The brokerage also said that Groupama SA wants “to gain control of Fondiaria if the Ligresti family decides to sell.”

Milano Assicurazioni SpA (MI IM), a unit of Fondiaria, increased 1.9 percent to 1.23 euros.

Saipem SpA (SPM IM), Europe’s largest oil-services company, advanced 1.5 percent to 37.70 euros, tracking gains in Technip SA. Europe’s second-largest oilfield-services provider swung to a profit in the fourth quarter and said demand for offshore, natural gas and refining projects has improved as oil prices rallied.

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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