European stock markets started the week on an upbeat note, supported by the European Commission’s upgraded Eurozone economic forecasts for 2017 and 2018.
The Milan FTSE MIB index (up 1.07%) and the Paris CAC 40 (up 1.24%) rallied after Moody’s confirmed its credit ratings on Italy and France. Frankfurt rose 0.92%, while London climbed 0.28%.
Leading the gains on the Milan blue-chip index, Banco BPM (+6.64%) and UBI Banca (+6.42%) rebounded from losses on Friday, when they released their 2016 results.
Corporate earnings rewarded Unipol (+5.98%) and UnipolSai (+4.68%).
Mediaset shares rose 1.97% after former Prime Minister Silvio Berlusconi confirmed that the company is not for sale and reiterated his hard stance against Vivendi, which has built up a large stake.
Defensive stocks bucked the trend, with A2A losing 0.77% and Enel closing down 0.4%.
Also in Milan, regional bank Carige dropped 3.69% on concerns, following the release of 2016 results, that the group will be forced to consider a capital increase as part of its next industrial plan.
Also on the radar, Società Editoriale Vita rallied 12.1% after stock market regulator CONSOB banned orders without a limit price, Gequity gained 12% and Smre soared 11.76%, while Sintesi (-26.67%), Elica (-6.87%) and Neurosoft (-4.52%) lost ground.
Positive debut finally for Orsero (+5.81%) in its trading debut on the AIM listing for mid-sized and small companies.
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