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RPT-Defensives, upbeat earnings lift European shares

Published 05/12/2020, 03:55 PM
Updated 05/12/2020, 05:20 PM
© Reuters.
UK100
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VOD
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PSMGn
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STOXX
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SX6P
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SXKP
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SXDP
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(Repeats with no change to text or headline. For a live blog on
European stocks, type LIVE/ in an Eikon news window)
May 12 (Reuters) - European shares edged higher on Tuesday
following a clutch of upbeat quarterly earnings reports, but
investors remained cautious of a resurgence in new coronavirus
cases as hard-hit economies lift lockdowns.
The pan-European STOXX 600 index .STOXX rose 0.4% by 0726
GMT, with gains STILL led by telecoms .SXKP , healthcare
.SXDP and utilities .SX6P - sectors that investors seek
during times of economic uncertainty.
Boosting UK's FTSE 100 .FTSE , Vodafone 's shares VOD.L
jumped 3.9% after the world's second-largest mobile operator met
expectations with a 2.6% rise in full-year core earnings and
maintained its full-year dividend payout. German broadcaster ProSiebenSat.1 Media PSMGn.DE surged
10.2% to the top of STOXX 600 after U.S. private equity house
KKR KKR.N revealed that it had acquired a stake of 5.2% in the
struggling company. Gains in Europe followed a risk-averse mood in Asian trading
hours after the Chinese city of Wuhan, where the pandemic
originated, reported its first new cases since its lockdown was
lifted.

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