European markets mixed as London gains, Frankfurt drops

Milan declines led by Mediobanca shares

European markets mixed as London gains, Frankfurt drops

Milan, June 21 - Markets were mixed across Europe on Friday, with Paris and London gaining as Frankfurt and Madrid posted declines. Milan's FTSE-MIB index fell 1.9% to 15,254 points, led by Mediobanca stock which was suspended twice during the trading session due to excessive declines. Shares in Mediobanca, Italy's largest investment bank, were suspended twice on Friday after plummeting as much as a theoretical 8.2% after the company announced its new business plan. The stock closed down 9% after it resumed trading. Milan-based Mediobanca announced it would sell its holdings in companies including Telecom Italia - Italy's former State-owned telecommunications company - and Assicurazioni Generali, Italy's largest insurer, in a bid to return to profit. It said it would raise 1.5 billion euros from the sales, planned over the next three years. The yield spread between 10-year Italian bonds and the German benchmark equivalent, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 289 points with 10-year yields at 4.6%. The Frankfurt Dax bourse dropped 1.8% to 7,789, while the Paris Cac 40 Index fell 1.1% to 3,658 points. Madrid's Ibex index declined 1.6% to 7,700 points. London's Ftse-100 stock market fell 0.7% to 6,116 points.

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