Buoyant media sector supports European shares
Milan: A buoyant media sector following a new bid for British pay-TV firm Sky (SKYB.L) drove European shares higher on Thursday, helping them stabilize after heavy losses in the previous session when fears of an escalating trade war hit markets.
The region’s media index .SXMP rose more than 1 percent in early trading with Sky up 2.7 percent after US-based Comcast (CMCSA.O) submitted a $34 billion bid for the group just hours after Rupert Murdoch raised his offer.
The pan-European STOXX 600 index was up 0.1 percent by 0716 GMT, with gains in the healthcare and consumer sectors curbed by losses among energy and financials.
Elsewhere earnings updates drove share price moves.
Gerresheimer (GXIG.DE) rallied 9.8 percent after the German drugs packaging maker raised the lower end of its revenue growth guidance and unveiled a 350 million euro acquisition to expand in the field of digital drug delivery devices.
Norwegian bank DNB (DNB.OL) fell 5.8 percent after its second quarter earnings fell short of expectations.