Italian Stocks: Finmeccanica, Fondiaria, Tenaris, UBI, UniCredit
Italy’s benchmark FTSE MIB Index rose for the first time in four days, adding 82.82, or 0.4 percent, to 22,076.78 at 12:10 p.m. in Milan.
The following stocks were among the most active in the Italian market today.
Enel Green Power SpA (EGPW IM) added 1.3 percent to 1.67 euros, gaining for a second day. Italy’s largest renewable energy company is among those that will be added to the Stoxx Europe 600 Index on March 21, index provider Stoxx Limited said in a press release.
Finmeccanica SpA (FNC IM) fell 1 percent to 9.01 euros, a seventh straight loss. Deutsche Bank AG, which has a “hold” rating on Italy’s biggest defense company, said in a note that “relative valuation remains unattractive.”
The brokerage lowered its 2010 earnings-per-share estimate by 9 percent.
Fondiaria-SAI SpA (FSA IM) advanced for the first time this week, gaining 2.4 percent to 6.83 euros. Italy’s second-biggest insurer said 2010 premiums rose 5.3 percent to 12.94 billion euros, according to a statement. Gruppo Banca Leonardo, which has an “underweight” rating on the stock, said in a note that life insurance premiums were higher than expected.
Milano Assicurazioni SpA (MI IM), a unit of Fondiaria-SAI, increased 2.2 percent to 1.19 euros.
Intesa Sanpaolo SpA (ISP IM), the country’s second-biggest bank, advanced 2 percent to 2.41 euros as a gauge for European banks ended a three-day decline. Unione di Banche Italiane ScpA (UBI IM) rose 2 percent to 7.54 euros.
Tenaris SA (TEN IM) dropped 2.8 percent to 16.95 euros, erasing yesterday’s gains. The producer of seamless steel tubes used in the oil industry is due to release results after the closing of U.S. trading.
Fidentiis Equities SV SA, which has a “hold” rating on the stock, said in a note that “the main question mark is 2011.”
UniCredit SpA (UCG IM), Italy’s biggest bank, gained 1.6 percent to 1.87 euros after losing 8.1 percent in three days. Chief Executive Officer Federico Ghizzoni told reporters in Milan today that he expects binding offers for the company’s Pioneer asset-management unit by March.
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