Mibtel: 12272 (-54)

ITALIAN stocks ended lower, but at the day's best levels, in lacklustre trading with many European markets closed for the Ascension Day holiday. The share market reflected the lower trend on domestic bonds.

Despite London and Wall Street stocks moving firmer, there was little positive news to encourage buyers into the market. "There was little real interest after the US overnight fall but, with the early rise in Wall Street, Milan started to recover some of its losses," said one share dealer.

Olivetti shares were off 0.86 per cent at 495.6 lire. Among other blue chips, Montedison closed off 0.65 per cent at 1,067 lire, and oil and chemical group ENI down 0.19 per cent at 8,632 lire.

Energy group Edison bounced back after two days of losses following the announcement of an intended link up between ENI and ENEL. Shares ended up 0.99 per cent at 8,361 lire.