LONDON: European stock markets rode an Italian election rollercoaster yesterday, rising as exit polls initially tipped a centre-left victory but then dipping as it emerged a coalition may be needed. Nevertheless, London’s FTSE 100 index of leading companies ended the day up 0.31 percent to 6,355.37 points, in Paris the CAC 40 climbed 0.41 percent to 3,721.33 points, while Frankfurt’s DAX 30 jumped 1.45 percent to 7,773.19 points, Italy’s FTSE-Mib jumped by nearly 4 percent after the first exit polls showed the centre-left led by Pier Luigi Bersani had a large lead over Silvio Berlusconi’s party.
The pound hit $1.5073 in Asian trading hours — the lowest level in 2.5 years. Britain’s currency had reached similar lows last week on anticipation of a downgrade. After hitting a fresh low-point, the pound recovered in trading in London to reach $1.5112, compared with $1.5162 on Friday.
The euro had broken $1.33 on the prospects of a clear win by the centre-left in Italy, but then fell back to $1.3197. That was still up marginally from $1.3189 on Friday. Gold prices increased to $1,586.25 an ounce on the London Bullion Market from $1,576.50 on Friday.
AFP
