Dec. 20 (Bloomberg) -- Italy’s benchmark FTSE MIB Index rose for the first day in four, gaining 304.48, or 1.5 percent, to 20,373.66 at the 5:30 p.m. close in Milan.
The following stocks were among the most active in the Italian market today.
Banca Monte dei Paschi di Siena SpA (BMPS IM) rose 2.3 percent to 87.1 euro cents, gaining for a second day. Italy’s third-biggest lender plans to cut costs by 180 million euros ($236.8 million) and boost net income by reorganizing units and its distribution network.
Gruppo Banca Leonardo increased its price estimate to 1.08 euros from 1 euro with an unchanged underweight rating. The bank is “waiting for more visibility on significant interest rate increase or other asset disposals able to further increase its capital ratios.”
Banco Popolare SC (BP IM) climbed 5.6 percent to 3.5 euros, the first gain in eight days. Goldman Sachs Group Inc. upgraded the lender to “neutral” from “sell.”
Lottomatica SpA (LTO IM) increased 2.9 percent to 9.44 euros, ending a four-day decline. The manager of the Italian government’s lottery game signed a five-year financing package with banks led by Bank of America Merrill Lynch, Banca IMI SpA and Mediobanca SpA, according to a statement. Lottomatica signed a $700 million term loan for its GTECH Corp unit and revolving credit lines for 900 million euros, it said.
Luxottica Group SpA (LUX IM) advanced 2.4 percent to 22.48 euros, the highest in three years. BofA Merrill Lynch Global Research increased its price projection on the owner of the Ray-Ban and Oakley sunglasses brands to 26 euros from 23 euros. The brokerage, which kept a “buy” recommendation, cited in a note a “more proactive strategy, a more determined effort to expand its footprint in emerging markets, and continuing strong global performance from its key proprietary brands.”
Pininfarina SpA (PINF IM) surged 14 percent to 3.82 euros. Vincent Bollore may purchase Italian car producer Pininfarina, daily French newspaper La Tribune reported, citing comments by the French billionaire.
Bollore was cited as saying that he has an option to buy 50 percent of the company.
RCS MediaGroup SpA (RCS IM) fell 1 percent to 1.06 euros. The publisher of Italy’s largest daily newspaper had its price estimate cut to 1.1 euros from 1.3 euros at UBS AG, which kept a “neutral” rating.
Tenaris SA (TEN IM) climbed 3.3 percent to 18.44 euros, rising for a third day. CA Cheuvreux lifted its price estimate on the world’s biggest maker of seamless steel tubes for oil and gas extraction to 19.50 euros from 17.50 euros. The brokerage, which kept an “outperform” rating, said in a note that the company “might surprise on the upside in terms of volumes and mix could start to support earnings in 2011.”
Yoox SpA (YOOX IM) surged 6.8 percent to 8.98 euros, snapping four days of losses. Deutsche Bank AG initiated coverage of the Internet fashion retailer with a “buy” rating and a price estimate of 11.50 euros.
The brokerage said in a note that the company “is well positioned to benefit from the structural shift online in luxury retailing.”
To contact the reporter on this story: Francesca Cinelli in Milan at firstname.lastname@example.org.
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