Miners, telecom stocks lift European shares

Reuters London | Updated on January 16, 2018 Published on October 14, 2016


European shares rose on Friday to claw back ground from losses in the previous session, with mining and telecom stocks outperforming.

Shares in British hedge fund Man Group jumped 9 per cent after the company reported a rise in assets under management, and announced a share buyback and acquisition of investment management company Aalto.

The pan-European STOXX 600 index rose 0.6 per cent, although the index remains down by around 8 per cent since the start of 2016.

Mining stocks outperformed after a batch of solid economic data from China, the top global consumer of metals and the world's second-biggest economy.

Data showed that China’s producer prices unexpectedly rose in September for the first time in nearly five years, while consumer inflation quickened to 1.9 per cent from a year earlier, also beating market expectations.

Shares in French telecoms group SFR climbed 5.6 per cent after rival Altice acquired another 5 per cent stake in SFR, with the broader STOXX Europe 600 telecom index advancing by 0.6 per cent.

Published on October 14, 2016
This article is closed for comments.
Please Email the Editor