European shares off to sluggish start as miners weigh, FTSE up
Reuters
Published May 31, 2017 03:31AM ET
European shares off to sluggish start as miners weigh, FTSE up
MILAN (Reuters) - European shares opened flat on Wednesday, weighed by a fall in mining stocks and lifted by a big rise for Ericsson (BS:ERICAs) after an activist investor bought a stake in the telecoms equipment firm.
The broader pan-European STOXX 600 index (STOXX) was down 0.02 percent by 0712 GMT and euro zone blue chips (STOXX50E) added 0.1 percent. The FTSE (FTSE) rose 0.2 percent, helped by a weaker pound which fell after a new poll showed Britain risks a hung parliament following a June 8 election.
Ericsson (ST:ERICb) rose 4 percent, leading STOXX gainers, after Cevian Capital bought a stake of more than 5 percent, saying it saw significant potential in the Swedish firm.
Cellnex (MC:CLNX) was another strong gainer after a Bloomberg report said that American Tower (N:AMT) may bid. Cellnex said its management has had no contact with American Towers.
Top loser was Metro (DE:MEOG) after the German retailer reported results showing a loss at its consumer electronics division.
The Basic Resources index (SXPP), where major mining companies are listed, was the biggest sectoral faller, dropping 1.4 percent.
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Written By: Reuters
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