Italy’s benchmark FTSE MIB Index rose for the first time in five days, gaining 257.15, or 1.2 percent, to 21,341.62 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Camfin SpA (CMF IM) jumped 3 euro cents, or 9.1 percent, to 35.3 cents, the shares’ highest price since Nov. 9. Pirelli & C. SpA’s largest shareholder had its price estimate lifted to 40 cents from 31 cents at UBS AG.
Enel SpA (ENEL IM) rose 8 cents, or 2.1 percent, to 3.92 euros, the stock’s biggest gain in a week. Standard & Poor’s Equity Research lifted its recommendation on Italy’s largest utility to “strong buy” from “buy.” The brokerage said that the increase in 2010 earnings before interest, taxes, depreciation and amortization guidance “puts upward pressure on Enel’s 2010 net income target.”
Eni SpA (ENI IM), Italy’s biggest oil company, advanced 25 cents, or 1.5 percent, to 16.59 euros as crude oil rose for the first time in four days.
Fiat SpA (F IM) lost 20 cents, or 2 percent, to 10.01 euros, the stock’s second consecutive decline. Chrysler Group LLC, the U.S. automaker run by Fiat, reported a second-quarter net loss that narrowed to $172 million, benefiting from lower costs and higher U.S. demand, while operating profit climbed.
“Expectations were high,” said Gabriele Roghi, head of portfolio management at Invest Banca SpA in Empoli, Italy.
Chrysler said in a statement that its 2010 guidance remains unchanged. It will probably raise its forecast after its third-quarter results, the statement said.
Intesa Sanpaolo SpA (ISP IM), Italy’s second-biggest bank, gained 5.8 cents, or 2.3 percent, to 2.57 euros, ending the stock’s three-day losing streak. “Italian banks’ relative underperformance to European peers has narrowed from -24 percent to -15 percent year-to-date, reflecting reassuring messages from the stress test and the potential positive impact from Basel 3, benefiting the banks most exposed to sovereign risk, and the solid liquidity position,” Societe Generale SA said in a note on Italian banks.
Mediaset SpA (MS IM) gained for the first day in three, rising 12.5 cents, or 2.6 percent, to 5.03 euros. UBS AG added Prime Minister Silvio Berlusconi’s television broadcaster to its “most preferred” stocks in the European media industry.
Pirelli & C SpA (PC IM) advanced 7 cents, or 1.3 percent, to 5.60 euros, paring a 1.7 percent loss on Aug. 6. Societe Generale SA increased its price estimate on Europe’s third-largest tiremaker to 6.30 euros from 5.94 euros.
Saipem SpA (SPM IM) increased 52 cents, or 1.9 percent, to 28.24 euros, snapping a two-day loss. Europe’s largest oilfield-services provider had its price estimate lifted to 40 euros from 37 euros at Goldman Sachs Group Inc.