Italy’s benchmark FTSE MIB Index rose for a second day, gaining 278.21, or 1.4 percent, to 20,858.47 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Davide Campari-Milano SpA (CPR IM) advanced for a second day, climbing 2 percent to 4.26 euros. UniCredit Global Research initiated coverage of Italy’s biggest distiller with a “buy” recommendation and a price estimate of 5.30 euros. It said in a note that “future acquisitions are likely to continue to be the catalyst for further share price outperformance.”
Edison SpA (EDN IM) advanced 2.8 percent to 94.8 euro cents, extending yesterday’s 2.3 percent gain. Intermonte Sim SpA lifted its recommendation on Italy’s second-largest power generator to “speculative buy” from “underperform.”
Fiat SpA (F IM) increased for a second day, adding 1.9 percent to 9.99 euros. JPMorgan Chase & Co. upgraded the Italian carmaker to “neutral” from “underweight” on “spinoff re-rating potential.”
Indesit Company SpA (IND IM) advanced 4.3 percent to 8.68 euros, the stock’s highest price since Aug. 3. Intermonte lifted its recommendation on Italy’s biggest home-appliance maker to “outperform” from “underperform.”
Intesa Sanpaolo SpA (ISP IM) and UniCredit SpA (UCG IM), Italy’s biggest lenders, surged 3.2 percent to 2.45 euros and 2.5 percent to 1.99 euros, respectively. Banks jumped across Europe after claims for U.S. jobless benefits declined more than forecast last week.
Pirelli & C. SpA (PC IM) increased 1.7 percent to 5.55 euros, the shares’ second straight increase. Exane BNP Paribas said in a note that Europe’s third-largest tiremaker should benefit from “its positioning in the premium tire segments” because of new tire-labeling legislation which will come into force in developed countries by 2012.
Telecom Italia SpA (TIT IM), Italy’s biggest phone company, lost 0.8 percent to 1.08 euros, the worst performance on the FTSE MIB Index. Italy’s communications regulator, Agcom, approved today the new unbundling fees that companies pay for access to Telecom Italia SpA’s network.
Yorkville BHN SpA (BY IM) soared 22 percent to 8.8 euro cents. The investment company is planning a 141 million-euro ($179.8 million) bid for real-estate fund Investietico as it seeks to expand its financial and property holdings. The company also plans to purchase its parent, Jersey City-based Yorkville Advisors LLC.