12/5/2016, 5:47 PM (Source: TeleTrader)
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Europe closes mostly with gains, Italian stocks lower

Markets in Europe mostly ended Monday's trade in the green. The only exception was Italy's FTSE MIB which closed with losses after the country's Prime Minister said he will step down following his defeat in the constitutional referendum. On Sunday, Italians voted "no" to Renzi's proposals for constitutional changes which led to a sharp fall of the banking sector in the country during today's session.

The FTSE MIB declined 0.21%. Banca Popolare di Milano and Banco Popolare plummeted 7.88% and 7.44%, respectively. Mediobanca plunged 4.24%, Monte Paschi sank 4.21% and Unicredit shed 3.36%.

In London, the FTSE 100 increased 0.24%. The mining sector led the gains. Antofagasta surged 4.90% and Glencore rallied 4.45%.

The DAX jumped 1.63%. Significant gains were recorded in the automotive industry with BMW climbing 3.23%, Daimler rising 2.56% and Volkswagen growing 2.40%.

The CAC 40 rose 1.00%. The best performer was Arcelormittal, soaring 4.91%.

Breaking the News / NP