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Europe: shares open higher

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European shares opened higher on Tuesday, with Vodafone among the leading gainers after a strong earnings report, although political uncertainty continued to weigh on Portuguese stocks.

[MILAN] European shares opened higher on Tuesday, with Vodafone among the leading gainers after a strong earnings report, although political uncertainty continued to weigh on Portuguese stocks.

The pan-European FTSEurofirst 300 index rose 0.28 per cent and the euro zone's blue-chip Euro STOXX 50 index gained 0.35 per cent.

Vodafone rose 2.7 per cent after the British phone group reported a better-than-expected acceleration in second-quarter revenue growth, helping it nudge its annual expectations towards the top of its guidance.

But Vallourec fell more than 6 per cent after reporting a third-quarter loss against a backdrop of falling demand from its oil and gas customers and said it did not expect market conditions to improve in the short-term.

Portugal's PSI 20 index fell 0.86 per cent.

REUTERS

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