Buzzi Cement see stock market gains of 5%

Buzzi Unicem was the best performer of the FTSE MIB blue-chip index of the Milan Stock Exchange yesterday, trading at more than five per cent higher at EUR16/share, which is the highest price since June 2008.

The rise was stimulated by Exane BNP Paribas, which raised the share price target of Buzzi Unicem to EUR21.50, keeping the "outperform" recommendation.

The analysts made the recommendation based on the first-half results of the Italian cement manufacturer, which registered a rise in earnings before interest, tax, depreciation and amortisation (EBITDA) by 20.6 per cent annually to EUR166.6m and an increase in revenues by five per cent to EUR1.238bn.

Buzzi Unicem also said it expects EBITDA of EUR450m in 2H15, compared with EUR423m a year earlier.