STOCKS NEWS EUROPE-CIR higher after Q1
Italian industrial holding company group CIRis 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 Keywords: MARKETS EUROPE STOCKSNEWS (C) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nL464386 STXNEWS/EU
