STOCKS NEWS EUROPE-CIR higher after Q1

Italian industrial holding company group CIR is sharply higher
following the release of its first quarter results last Thursday just before
Italy's May 1 holiday.
According to local broker Cassa Lombarda the results are weak but expectedly
so due to pressure on auto parts unit Sogefi and publishing unit
L'Espresso .
"We confirm our positive stance (buy) on the stock on the basis of the
development of (energy unit) Sorgenia, recovery in cyclical assets and excellent
management track records," it says.
CIR posted a 12.7 percent rise in first-quarter net profit to 19.5 million
euros boosted by the profits of Sorgenia and disposal of an asset. Core earnings
fell 48.9 percent.
"Sorgenia is a very appealing asset with its attention on renewable energy
sources, while the HSS health care business looks like it has very good
prospects," another trader says.
At 1321 GMT CIR shares are up 16.7 percent at 1.16 euros while the S&P/MIB
is up 2.17 percent.
Reuters Messaging rm://stephen.jewkes@reuters.com@reuters.net
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