Irish banks rise as Fitch Ratings pares Brexit outlook

Irish bank shares posted gains despite continuing fears about the health of Italian lenders and a cautionary report from Fitch Ratings on the outlook for Irish lenders after Brexit.

Bank of Ireland rose almost 2% to 24 cent, as reports about the imminent rescue of Monte dei Paschi, the worst of the Italian lenders, by the Italian government helped drive European stocks higher.

Monte dei Paschi soared by 11% in Milan, while UniCredit also rose strongly and an index of Italian bank shares rose over 4% to its highest level since June.