Fiat shares extends gains on short covering

MILAN Thu Jan 17, 2013 1:54pm EST

The Fiat logo is displayed during the second media day of the 80th Geneva Car Show at the Palexpo in Geneva March 3, 2010. REUTERS/Denis Balibouse

The Fiat logo is displayed during the second media day of the 80th Geneva Car Show at the Palexpo in Geneva March 3, 2010.

Credit: Reuters/Denis Balibouse

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MILAN (Reuters) - Shares in Italian car maker Fiat FIA.MI accelerated gains in midmorning trading on Thursday with traders citing short covering.

By 1043 GMT, the stock was 3 percent higher at 4.37 euros, its highest since Tuesday when Fiat hit a three-month peak. The European auto index .SXAP was down 0.20 percent.

Filings from market regulator Consob show that The Children's Investment Fund Management had in December a short position on Fiat equivalent to 1.84 percent of its share capital.

Fiat's chief executive Sergio Marchionne is holding a speech on Thursday at Milan's stock exchange.

Shares in the Italian car maker rose more than 6 percent on Monday helped by positive broker notes.

(Reporting By Gianluca Semeraro)

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