FTSE MIB Rises Over 1%

The FTSE MIB rose over 1% to around 51,300 on Tuesday, gaining for a third consecutive session and mirroring a broader global equity rally. A pause in the bond-market sell-off and modest decline in oil prices offered some relief to markets. Heavyweight financial stocks led the advance, with the sector remaining in focus amid ongoing M&A activity in the country’s banking sector. Intesa rose 1.4%, while UniCredit gained 1.6%, BPER added 1.8% and MPS advanced 1.3%. Technology-related shares also outperformed, led by STMicroelectronics, which jumped 2.3%, while Technoprobe and Prysmian gained 2.2% and 1.3%, respectively. Utilities also advanced broadly, with Enel, Terna and Snam posting gains. Recordati rose 1.5% after CVC and GBL raised their takeover bid for the drugmaker to €53 per share. Meanwhile, Telecom Italia fell 1.5%, while Eni (-0.5%) and Leonardo (-0.5%) also declined.