Europe open: Shares rebound; Telecom Italia soars on higher bid talk
By Frank Prenesti
Date: Wednesday 24 Nov 2021
(Sharecast News) - European shares bounced back from losses at the open on Wednesday on the back of higher commodity prices which offset nerves over rising Covid cases in the region.
The pan-European Stoxx 600 was up 0.47% with all major regional bourses higher. Germany is expected to make a decision on stricter measures on Wednesday amid a surge in cases there, and France recorded more than 30,000 new daily infections on Tuesday for the first time since August.
Oil stocks rose 0.9%, with crude prices edging ahead as investors remained sceptical about the effectiveness of a US.-led release of oil from strategic reserves. Miners gained, tracking higher copper prices due to easing concerns over Chinese demand.
In equity news, Telecom Italia jumped 8.3% on news reports that private equity crowd KKR is considering boosting its offer for the company after its top investor Vivendi called the initial bid too low.
Intertek shares were higher after the product testing company said it was on track for solid annual growth and reported revenue up 6.7% in the most recent four-month period.
French catering company Elior Group rose after announcing new targets for its next fiscal year and posting its best quarter since the pandemic began.
AutoStore gained after the Norwegian robotics company posted a 95% surge in third-quarter revenue.
Animal genetics company Genus slumped as it said pre-tax profit for 2022 is set to be "moderately lower" than its previous expectations based on current trading, especially in China.
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