Publicité
European shares up due to mergers and acquisitions
Par
Partager cet article
European shares up due to mergers and acquisitions
European shares climbed higher yesterday, lifted by takeover talk in the utility and financial sectors and a bullish broker note on Danone, but a new rise in the euro against the yen weighed on car exporters.
The FTSEurofirst 300 index of top European shares was 0.15 percent higher at 1 469.15 points, five points away from a new 5-1/2 year peak.
Trading was muted by the looming Thanksgiving Day holidays and a dearth of major and economic data.
Growing expectations the Bank of Japan will only slowly raise interest rates pushed the yen to a near record low against the euro, fuelling worries of dented revenues for euro zone car exporters in the world’s second biggest economy.
But mergers and acquisitions gave impetus.
Shares in Scottish Power added 1 percent while Spanish utility Iberdrola was set to make a 12 billion pound ($22.7 billion) bid for its Glasgow-based rival in cash and shares. The heads of the companies met over the weekend and a deal is expected as soon as this week.
Earnings reports also help feed market gains.
UK property firm British Land posted a 9.3-percent rise in net asset value and said its full-year dividend would rise at least 94 percent after it converts into a low-tax investment trust, sending its shares up 1.3 percent.
Experian gained 1.7 percent as the British credit information firm posted a 16-percent rise in first-half profit, while inter-dealer broker ICAP also pleased with a jump in half-year revenue and confirmation that it was on course to meet full-year forecasts.
Elsewhere, government data showing Swiss watch exports rose 15.5 percent year-on-year in October to 1 504 billion Swiss francs ($1.21 billion) boosted Swatch Group and Richemont, which produces Cartier watches.
Publicité
Publicité
Les plus récents
