Italy’s benchmark FTSE MIB Index increased 147.26, or 0.7 percent, to 20,634.60 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Assicurazioni Generali SpA (G IM) rose 1.5 percent to 15.1 euros, the highest in more than three weeks. Chairman Cesare Geronzi said that Paolo Vagnone will become country manager for Italy as of a board meeting on Dec. 16. “To us it is good news for Generali,” Equita Sim SpA said in a note.
The company will also name a chief investment officer and chief risk officer, according to Geronzi.
Astaldi SpA (AST IM) surged 8.4 percent to 4.89 euros, the highest in four weeks, after it was named preferred bidder for the Jeddah and KAEC railway stations in Saudi Arabia, according to a statement sent through the Italian exchange today.
Bulgari SpA (BUL IM), the world’s third-largest jeweler, gained 1.3 percent to 8.06 euros after climbing 4 percent on Dec. 10.
“Bulgari, and the luxury-goods industry as a whole, is attracting investors because of its exposure to emerging markets, and relatively small size that makes it a potential M&A target for bigger players,” said Gabriele Roghi, head of portfolio management at Invest Banca SpA in Empoli, Italy. He said “from a technical point of view, the first target is at
8.5 euros and the second one at 10 euros.”
Buzzi Unicem SpA (BZU IM) advanced 3 percent to 8.54 euros. CA Cheuvreux reiterated an “outperform” rating on Italy’s second-biggest cement maker, saying in a note that “the market price already factors much higher writedowns,” after the company said it wrote down the value of its Oglesby, Illinois cement plant by 99.6 million euros.
Edison SpA (EDN IM) sank 7.3 percent to 86.2 euro cents, snapping a seven-day gain. Italy’s second-largest power producer is weighing a capital increase of more than 1 billion euros to strengthen its balance sheet as unprofitable gas-supply contracts threaten to further erode earnings, people with direct knowledge of the situation said.
“The company says this option has never been taken into consideration by any of its company organs,” Edison said in a statement in response to the report.
Eurotech SpA (ETH IM) gained 4.3 percent to 1.99 euros as the maker of miniature and rugged computers said it signed an accord with Cisco Systems Inc. that will allow it to add products by the largest maker of networking equipment to its next-generation solutions.
Fiat SpA (F IM) advanced 0.5 percent to 14.62 euros, rising for a second day. UniCredit increased its price estimate on the Italian carmaker to 16 euros from 14.5 euros, citing “potential new agreements” and “underperformance compared with peers.”
Exor SpA (EXO IM), Fiat’s main shareholder, increased 1.3 percent to 23.08 euros.
Interpump Group SpA (IP IM) surged 2.7 percent to 5.07 euros, the highest price since September 2008. Equita Sim SpA upgraded the world’s biggest maker of high-performance pumps to “buy” and added the stock to its “small-cap portfolio.”
Saipem SpA (SPM IM), Europe’s largest oil-services provider, increased 1.3 percent to 34.19 euros. Crude advanced after a government report showed Chinese refineries ran at record rates last month, signaling oil demand will continue to increase in the world’s largest energy user.
Tenaris SA (TEN IM), the world’s biggest maker of seamless steel tubes for oil and gas extraction, rose 2.2 percent to
17.76 euros. The number of oil and natural-gas rigs operating in the U.S. increased by 10 last week to the highest level since December 2008, led by an increase in oil drilling, according to data published by Baker Hughes Inc.
Trevi Finanziaria SpA (TFI IM) increased for the first day in four, rising 8.8 percent to 10.30 euros. Goldman Sachs Group Inc. upgraded the company to “buy” from “neutral,” citing an “attractive risk/reward.”