Sunday 25 September 2016

European shares edge higher, Telecom Italia leads

Published 17/06/2015 | 08:48

Traders talk in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany June 16, 2015. European equities slipped to a four-month low on Tuesday, with the lack of progress in debt negotiations between Greece and its international creditors making investors nervous and prompting them to cut their exposure to riskier assets like stocks. REUTERS/Ralph Orlowski
Traders talk in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany June 16, 2015. European equities slipped to a four-month low on Tuesday, with the lack of progress in debt negotiations between Greece and its international creditors making investors nervous and prompting them to cut their exposure to riskier assets like stocks. REUTERS/Ralph Orlowski

European shares extended gains in early trading on Wednesday, with Telecom Italia leading the market higher after a Reuters report saying Vivendi plans to increase its stake the company.

  • Go To

Telecom Italia shares rose 3.9 percent after the report, citing people familiar with the matter, said Vivendi was looking to increase its stake in the Italian company to between 10 and 15 percent. The proposal is still under discussion internally and would need to be ratified by the Vivendi board. Vivendi and Telecom Italia declined to comment.

The broader stock market was also helped by a 8.7 percent jump in Remy Cointreau after the drinks maker said it will hand investors a hefty dividend hike as its annual operating profit grew 13.5 percent.

The STOXX Europe 600 index rose 0.2 percent, while the FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,533.07 points by 0712 GMT. The FTSEurofirst index closed 0.6 percent higher in the previous session after hitting a four-month low.

Investors stayed cautious ahead of a U.S. Federal Reserve meeting. The Fed statement is due at 1800 GMT, followed by Chair Janet Yellen's news conference half an hour later where analysts expect that she will focus on signs the economy is recovering after a bumpy start to the year. The statement will be scrutinised for hints about the timing of a U.S. rate hike.

Reuters

Read More

Promoted articles

Editors Choice

Also in Business