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Italian Stocks: A2A, Mittel, Banco Popolare, Safilo, Saipem

Sept. 29 (Bloomberg) -- Italy’s benchmark FTSE MIB Index fell for a third day, losing 169.14, or 0.8 percent, to 20,372.45 at the 5:30 p.m. close in Milan.

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

A2A SpA (A2A IM) dropped 1.7 percent to 1.12 euros. Centrobanca SpA initiated coverage of the municipal utility with a “hold” rating and a price estimate of 1.10 euros. The brokerage cited a “tough energy scenario” and said that the Edison SpA shareholding issue remains unresolved.

Banca Popolare di Milano Scrl (PMI IM) declined for a third day, falling 4 percent 3.44 euros as banking shares were the worst performers in Europe today. Unione di Banche Italiane SCPA (UBI IM), Italy’s fourth-largest bank, lost 2.4 percent to 6.95 euros.

Banco Popolare SC (BP IM) dropped the most in more than a month, losing 4.1 percent to 4.46 euros. The bank is considering a 2 billion-euro ($2.73 billion) capital increase or the sale of its Credito Bergamasco and Cassa di Risparmio di Lucca, Pisa e Livorno units, MF reported, without saying where it got the information. Fidentiis Equities SV SA, commenting in a note on the possibility of a capital increase, said “the news comes totally unexpected and would hurt the stock price.”

Exprivia SpA (XPR IM) climbed 7.3 percent to 93 euro cents, the shares’ biggest gain in more than three months. The developer of computer software said it won a three-year, 15 million-euro outsourcing order.

Mittel SpA (MIT IM) rose 1.5 percent to 3.15 euros, the stock’s second day of gains. The company agreed to sell its investment advisory business for 17.8 million euros.

Safilo Group SpA (SFL IM) increased 1.3 percent to 9.61 euros, extending gains of 7.8 percent yesterday. Banca Akros SpA reiterated a “buy” rating on the world’s second-largest maker of glasses, saying in a note that “Safilo is well on track to regain profitability.”

Saipem SpA (SPM IM), Europe’s largest oilfield-services provider, gained 2.3 percent to 29.40 euros, the stock’s highest price since April as oil advanced in New York.

To contact the reporter on this story: Francesca Cinelli in Milan at

To contact the editor responsible for this story: David Merritt at

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