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European shares opened higher on Friday, surfing on a global recovery rally which has lifted stocks from the lows hit just after Christmas thanks to optimism on Sino-US trade talks and a more dovish tone from the Federal Reserve.
The pan-European STOXX 600 rose 0.1 per cent at the open to reach a one-month high, with most regional bourses and industrial sectors in positive territory. Pharmaceutical group Orion Oyj fell 6.5 per cent after its rating was cut to “underperform” by Jefferies which argued the current dividend yield was not enough to support the share price.
In the telecoms sector, talk of possible consolidations in France lifted shares in Altice Europe about 5 per cent, and Iliad 1.2 per cent. France's incumbent operator Orange, which would benefit from less competition on its home turf, led the European telecom index with a 1.2 per cent rise.
French utilities took a hit after Societe Generale downgraded ratings on Suez and Veolia Environnement citing doubts about the global growth outlook. The stocks were down 2.7 per cent and 1.7 per cent respectively.
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