MILAN, March 7 (Reuters) - Shares in Italian bank Monte dei Paschi di Siena were suspended for excessive gains on Thursday in what some traders said was a flurry of short-covering.
Shares in Monte dei Paschi, at the centre of an investigation into alleged corruption and fraud, were indicated up 7.46 percent at 1130 GMT.
The stock had opened lower after the bank’s head of communications was found dead at the bank’s headquarters.
“Many investors are short of Monte Paschi shares. This is short-covering,” said a Milan-based trader.
Other traders contacted had no immediate explanation for the sudden spike. (Reporting By Lisa Jucca, editing by Stephen Jewkes)