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FTSE endures volatile session

Blue-chip stocks fluctuated in early trade on Monday as investors were cautiously optimistic about the appointment of Mario Monti as Italy’s new prime minister over the weekend.

The FTSE100 was down 0.49% to 5518.33 at 1312GMT. as equity markets echoed bond markets and reacted nervously to the latest Italian bond auction.

Italy paid a record 6.29% yield in its latest bond auction, reflecting concerns over the country's ability to stave off bankruptcy and prevent the collapse of the euro zone.

Smith & Nephew was the top performer, rising 4.4% to 582.5p as Exane BNP Paribas upgraded its rating for the British medical products firm to "outperform" from "neutral."

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ITV was another riser, gaining 3% to 65.80p as the company said it expected to outperform the wider television advertising market in 2011 after reporting better than expected trading in the third quarter.

Miners and integrated oils also crept higher as investors tentatively bought into recently beaten down stocks.

Lonmin, the world's third-largest platinum producer, rose by as much as 1.3% as it reported a 59% rise in full-year earnings.

British oil and gas firm BG Group rose 0.5% after its Brazil well output beat expectations.

Monti’s appointment to succeed Silvio Berlusconi over the weekend increased the chances of Italy getting to grips with its problems.

Away from Europe, a 1.5% rise in Japanese GDP buoyed Asian markets and also helped sentiment.

AIR publishes a weekly magazine. Subscriptions are free at www.aireview.com.au