Italy and Spain underperform flat European equity markets
* Italian and Spanish stock markets fall
* Traders cite concerns over European elections this week
* Rising demand for protection against FTSE MIB falling
* FTSEurofirst 300 flat, but still near six-year highs
* Raiffeisen rallies after Q1 results
By Sudip Kar-Gupta
LONDON, May 22 (Reuters) - Italian and Spanish stocks underperformed flat equity markets elsewhere in Europe on Thursday, as traders said concerns about this week's European Parliament elections made investors cautious.
Italy's FTSE MIB share index was down by 1.4 percent in late-session trading, while Spain's IBEX stock market was off 0.3 percent.
Both underperformed the pan-European FTSEurofirst 300 index , which was flat at 1,365.24 points - still within touching distance of a six-year high of 1,372.81 points set last week. Continuación...