Milan Mibtel: Italian stocks closed firmer after hovering at opening levels for much of the day as most other European exchanges remained closed for the Ascension Day holiday. Relief over Indonesian President Suharto's resignation and Italian Justice Minister, Mr Giovanni Maria Flick's decision to withdraw his resignation, helped boost the market.

Shares in Ifil had a good run, ending 4.84 per cent higher at 9,470 lire after the company announced a capital increase and better-than-expected 1997 results.

The French and German stock markets were closed yesterday for the Ascension Day holiday.