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Market Update: Milan Stocks Rebound on Monday
The FTSE MIB rebounded by 180 points or 0.7% to 25,398 on Monday, in line with its European peers, from an over 2-week low hit last Friday after a broad selloff triggered by hawkish remarks by the St. Louis Fed President. Gains in Italy were led by automaker Stellanis, which jumped 3.4%, followed by 2.8% rise in Prysmian after the company won a USD 900 million contract for a renewable energy supply project in the US. Meanwhile, CNH Industrial reversed from early losses to end 0.8% higher after it said the acquisition of Raven Industries at an enterprise value of USD 2.1 billion wouldnt affect its 2021 guidance. Among the worst performers of the session stood seven major Italian companies, weighed down by dividend effects, including Snam, Terna, and Poste Italiane. [/s2If]
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