European shares edge up

Dhaka,  Fri,  22 September 2017
Published : 12 May 2017, 15:57:39

European shares inch higher at opening

European shares edge up
European shares inched higher in early trading on Friday, underpinned by gains among drugmakers and some fresh dealmaking activity.

But luxury group Richemont fell on a disappointing earnings update. The Richemont fell 5.6 per cent, leading losers in Europe after saying the trading environment would stay volatile after net profit fell.

In spite of the disappointing update from the heavyweight luxury group, results in Europe have been surprisingly strong with 67 per cent of companies beating earning expectations, according to data. 

According to the Reuters data, combined with easing political worries, earnings have helped the pan-European STOXX 600 hit 21-month highs earlier in the week. 

By 0714 GMT the STOXX and euro zone blue chips both rose by 0.1 per cent, while the UK's FTSE 100 added 0.2 per cent, supported by a 4.0 per cent surge in AstraZeneca following positive trial results from a key immunotherapy drug.

Gains in the British drugmaker helped lift Europe's healthcare index up 0.8 per cent, making it the biggest sectoral gainer in Europe.

United Internet was the biggest gainer on the STOXX, up 9.0 per cent, after saying that it plans to buy a majority stake in mobile operator Drillisch to create a stronger challenger in the German telecoms market, according to Reuters.
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