UniCredit gains 4.7% on buyback plans – English

(ANSA) – ROME, SEP 20 – Italy’s biggest bank UniCredit on
Wednesday gained 4.7% on the Milan bousre after saying it plans
to buy back up to 2.5 billion euros of its own shares and CEO
Andrea Orcel ruled out acquisitions quashing hopes of a merger
with troubled Monte dei Paschi di Siena (MPS).

   
UniCredit closed on 23.10 euros while MPS gained 0.74% to 2.726
euros.

   
The bourse overall gained 1.64% to 29,229 points.

   
London closed 0.93% up, Paris 0.67% up and Frankfurt 0.75% up
amid hopes the Fed will pause rate hikes, better than expected
UK inflation data, and hopes on US growth. (ANSA).