MILAN 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)