Shares in Monte dei Paschi di Siena (BMPS.MI) on Thursday rose firmly above the price of 2 euros ($2.13) each at which the state-owned Italian bank sold stock in a make-or-break capital raise.
By 0942 GMT shares in Monte dei Paschi gained 3.5% at 2.04 euros each.
A Milan-based trader, speaking on condition of anonymity, said the banking sector as a whole was well positioned going into 2023 and Monte dei Paschi in particular was a stock that "had come out of the woods" and had room to rise further to 2.2-2.3 euros.
