The FTSE Mib index on the Milan stock exchange plunged 3.94% to close at 15,103 points in the aftermath of the Brexit. The benchmark stock index lost as much as 4.15% during the trading session and 12 stocks was suspended due to excessive volatility.
Banking stocks were hit the hardest, with MPS -13.3%, Mediobanca -12.8%, Intesa Sanpaolo -10.9%, UniCredit -8%, and UBI -6.3% on the day it presented its new industrial plan. BPM shares also lost ground at -7.2% and Banco Popolare shed6.2%.
Financial services and insurance firms also suffered, with Azimut SpA -11.8%, Unipol -10.2% and Generali -8.5%.
Internet mail order clothing retailer Yoox, which does a lot of business in the UK, also posted heavy losses (-9.6%) on fears a weak British pound could work against the company.
Today's losses follow on last Friday's, when the Milan bourse plunged 12.5% after news of Thursday's Brexit vote results wrought havoc on the markets.
The STOXX Europe 600 index dove 4.1% and European markets lost 282 billion euros in capitalization as investors continued digesting the implications of Britain's withdrawal from the European Union.
The spread, a key measure of investor confidence and of Italy's borrowing costs, closed at 162 points with a yield of 1.5%, compared to 163 points at closing on Friday.
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