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Milan stocks rise on EU election result

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Milan stocks rise on EU election result
Two nuns exit a polling station after voting in the European parliamentary elections in Rome. Photo: Filippo Monteforte/AFP
10:06 CEST+02:00
Markets in Italy rose 3.07 percent on Monday morning, as investors reacted positively to the European Parliament elections in which Prime Minister Matteo Renzi won a 40.8 percent victory.

The FTSE MIB was boosted by the performance of Italian banks including the Banca Popolare dell'Emilia Romagna (BPER), which rose 6.15 percent, and Banca Monte dei Paschi di Siena (MPS) with 5.69 percent, business daily Il Sole 24 Ore reported.

The figures reflect investors’ positive reaction to the outcome in Italy to the European Parliament election, as results put Prime Minister Matteo Renzi well ahead of his rivals.

Renzi’s Democratic Party (PD) won with 40.8 percent, ahead of Beppe Grillo’s Five Star Movement (M5S) on 21.1 percent and Silvio Berlusconi’s Forza Italia, which clinched just 16.8 percent.

Fears of instability preceded the vote, as anti-establishment Grillo had called for national elections if his party won the elections.

Elsewhere in Europe markets reacted less favourably, with France’s CAC-40 up just 0.4 percent, following a victory by the country’s far-right National Front.

In Germany, where Chancellor Angela Merkel’s coalition won the EU elections, the DAX rose 1 percent, according to figures published by Reuters.

READ MORE: 'PD is EU's number one progressive party'

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