Egypt's golf chief Omar Hisham Talaat elected to Arab Golf Federation board    Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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    







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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.

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