Europe: Shares open higher

[MILAN]European shares opened higher on Monday as a sell-off triggered by China concerns and tumbling oil prices ran out of steam, with wind turbine makers Vestas Wind and Nordex among the leading gainers following a landmark climate deal.

The pan-European FTSEurofirst index was up 0.7 per cent by 0825 GMT, after falling more than 2 per cent on Friday.

Vestas Wind rose 2.5 per cent, making it the second biggest gainer on the FTSEurofirst index. Among other possible beneficiaries of the climate deal, Nordex rose 3.6 per cent and Gamesa, which also makes wind turbines, rose 1.3 per cent.

South-Africa exposed Old Mutual surged 10 per cent after the rand advanced following the appointment of a new finance minister in the country.

Telecom Italia ordinary shares rose 1.9 per cent as a plan to convert saving shares into ordinary stock was seen at risk after top investor Vivendi said it would abstain from voting in favour of the move.

REUTERS