The Milan bourse sustained huge losses in early on Friday after Britain voted to leave the European Union, sparking turmoil on the international financial markets. After dropping by as much as 11%, the FTSE Mib index regained some ground and was 9% down after almost three hours of trading.
The losses mean the gains made over the last five days, when investors were hopeful the remain vote would prevail, were wiped out. Bank stocks were hit hardest with Intesa dropping 17% to 1.86 euro, while UniCredit, Bper, Mediobanca and Banco Popolare were down by about 16%. Other sectors were hit too, with Leonardo-Finmeccanica, Telecom and Mediaset losing over 12%, and ENEL and ENI down 7%.
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