European shares climb even as Spanish stocks take election hit
(Updates prices and adds quote)
* Spain's inconclusive election weighs on Madrid market
* Ericsson rises after settling dispute with Apple
* ITV gains on bid speculation
By Sudip Kar-Gupta
LONDON Dec 21 (Reuters) - European shares gained ground on Monday, buoyed by carmaker Volkswagen and telecoms equipment manufacturer Ericsson, although an inconclusive Spanish election result hit the Madrid market.
Neither Prime Minister Mariano Rajoy's conservatives nor left-wing parties won a clear mandate to govern in Sunday's poll, casting further uncertainty over the outlook for Spain's reform programme and broader economy. Talks on forming a coalition government are expected to take weeks.
Spain's top-share IBEX 35 index fell 2.3 percent, while Spanish 10-year government bond yields hit one-month highs after the election.
Spanish companies Banco Santander, Banco Bilbao Vizcaya Argentaria, Iberdrola and Telefonica were the top fallers on the euro zone's Euro STOXX 50 index, losing between 1.5 percent and 3.4 percent. Continuación...