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Italian stocks plunge over three percent

Italian stocks plunged more than 3.0 percent on Monday in morning trading, with banks leading a fall that was mainly due to technical reasons related to dividend pay-outs.

Italian stocks plunge over three percent
Analysts said the fall was also linked to concern after an increase in borrowing costs for Italy on the bond market. Stock market image: Shutterstock

The FTSE Mib index in Milan later recovered slightly and was down 2.57 percent at 20,118 points at 09.25 GMT.

Analysts said the fall was also linked to concern after an increase in borrowing costs for Italy on the bond market – a sign of investor unease.

The worst performer was Mediolanum bank which fell 5.12 percent to €5.56 a share and Monte dei Paschi di Siena – down 4.09 percent at €20.88. Energy major ENI, a heavyweight on the stock market, also suffered due to the unrest in Libya where it has major assets. Its shares were down 2.95 percent at €18.07.

The fall comes days after national statistic agency Istat announced the Italian economy had shrunk in the first quarter of this year, a worrying sign for Prime Minister Matteo Renzi and his reform-driven agenda.

SEE ALSO: Italian economy falls back in blow for Renzi

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FINANCE

Stockholm stock exchange suffers worst day of 2018

The Stockholm stock exchange plunged by 2.8 percent on Thursday, making it the worst trading day of 2018.

Stockholm stock exchange suffers worst day of 2018
File photo: Stina Stjernkvist/TT
Stock markets across Europe suffered for the third day in a row as the arrest of a top Huawei executive in Canada has raised the spectre of an all-out trade war between the US and China.
 
For the Stockholm Stock Exchange, it meant a blood-red trading day that ended as the worst of the year thus far. The OMXS Stockholm 30 index fell by a combined 2.8 percent.
 
The majority of the companies on the index lost value, with the exception of Ericsson, which seemed to benefit from the news about its Chinese competitor Huawei with a 1.8 percent increase. Airline SAS also saw its stock increase, rising 4.2 percent thanks to sharp declines in oil prices. 
 
Among Thursday’s biggest losers was the mining company Boliden, which suffered a 6.1 percent drop. The stock of the Stockholm-based tech company Hexagon fell 5.6 percent.
 
Meanwhile, the stock of Swedish auto safety equipment manufactor Autoliv fell 6.1 percent on the news that it expects to pay some 1.8 billion kronor in fines as a result of an European Commission investigation into anti-competitive behavior in the EU. 
 
Stockholm was far the only European bourse to have a gloomy Thursday. The CAC index in Paris fell 3.3 percent, the DAX index in Frankfurt dropped 3.5 percent and the London Stock Exchange's FTSE index decreased by 3.2 percent.
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