Around the World's Markets: Milan

SHARES closed higher in light trade as sharp gains in selective stocks offset profit-taking, dealers said. The Mibtel index closed up 150 points at 24,329, while the blue-chip Mib30 rose by 195 to 35,320.

Mediaset surged 4 per cent on speculation it could exercise an option to buy 10 per cent of Italy's leading pay-TV company Telepiu from Canal Plus. This could herald a war for subscribers with Stream, the pay-TV unit of Telecom Italia, bought into by Rupert Murdoch at the weekend.