Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Europe Shares Mostly Rebound as Banks Rise
Amwal Al Ghad Published in Amwal Al Ghad on 24 - 04 - 2012

Most European stock markets climbed back into positive territory on Tuesday after steep losses the prior day, with gains for banks lifting indexes and TeliaSonera AB rallying after a MegaFon dividend deal.
The Stoxx Europe 600 index (XX:SXXP) +0.80% took on 0.7% to 253.42, after dropping to its lowest level since mid-January on Monday.
Posting the biggest gain in the index, TeliaSonera (SE:TLSN) +7.36% jumped 8.2% after the Swedish telecom operator reached a dividend deal with other shareholders in Russian MegaFon. MegaFon will pay a $5.15 billion dividend to its shareholders and seek an initial public offering.
Among other notable advancers in Europe, Michelin (FR:ML) -2.58% added 7% after it reported a 5.1% increase in revenue in first quarter and reaffirmed its 2012 outlook. HSBC lifted the stock to overweight from neutral.
According to Reuters, the French CAC 40 index (FR:PX1) +1.01% traded 0.8% higher at 3,124.31, further buoyed by the index's banks. Credit Agricole SA (FR:ACA) -4.47% rose 1.9%, Société Générale SA (FR:GLE) -3.90% added 1.7% and BNP Paribas (SAFR:BNP) -4.07% advanced 1.5%.
Banks were also on the rise in Germany and Commerzbank AG (DE:CBK) -4.60% gained 2.3% and Deutsche Bank AG (DE:DBK) -3.44% rose 1.7%. The DAX 30 index (DX:DAX) +0.85% was up 0.9% to 6,584.26.
Deutsche Lufthansa AG (DE:LHA) -3.83% rose 3.9% after Credit Suisse upgraded the airline to outperform from neutral.
In the U.K., International Consolidated Airlines Group SA (UK:IAG) +3.69% took on 3.3% following an upgrade to outperform from neutral from Credit Suisse.
Miners were also inching higher in the U.K., tracking a rise in metals prices. Fresnillo PLC (UK:FRES) +1.54% rose 1.5%, Antofagasta PLC (UK:ANTO) +0.18% gained 1.1% and Vedanta Resources PLC (UK:VED) +1.54% nudged 1.6% higher.
British banks followed the sector trend in Europe and Barclays PLC (UK:BARC) +2.37% BCS -2.49% increased 2.4%, while Lloyds Banking Group PLC (UK:LLOY) +1.86% LYG -0.53% was 1.3% higher.
Bucking the positive trend in London, British American Tobacco PLC (UK:BATS) -0.48% BTI -0.52% lost 0.6% after Bank of America Merrill Lynch cut the stock to neutral from buy.

Clic here to read the story from its source.