15-21 April was a positive week for the principal international markets (London +0.9%, Frankfurt +2.1%, Paris, +1.3%), sustained by the good start of the reporting season:. quarterly figures that exceeded market expectations contributed to a more positive attitude to prices.
Auto & Parts was the best performing sector (+4.2%) after the Fiat results (+6.9%).
Pirelli closed the week at €6.8, a rise of 4.9% on the upswing in the European tyre sector. Pirelli is among Morgan Stanley’s best picks in 2011: the broker predicts growth of 24% (to 1.381) in the tyre sector for the first quarter of 2011 with an ebit margin of 9.7%.