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Fiat shares extends gains on short covering
January 17, 2013 / 11:06 AM / 5 years ago

Fiat shares extends gains on short covering

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

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

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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