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Europe: Tech, banks keep stocks afloat

Tuesday, May 23, 2017 - 15:58

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[LONDON] Nokia shares jumped more than 6 per cent to their highest levels in more than a year and were a standout in an otherwise sluggish open on European stock markets on Tuesday.

The pan-European STOXX 600 index was little changed in early deals with mining stocks weaker as metals prices slipped. Germany's DAX rose 0.2 per cent while euro zone bluechips were up 0.3 per cent.

European tech firms were the standout performers, with the sector up nearly 1 per cent after shares in Nokia jumped more than 6 per cent to their highest level since February 2016 after settling a patent dispute with Apple .

Basic resources shares retreated. BHP Billiton , Rio Tinto and Anglo American all fell 0.9 per cent to 1.2 per cent as the price of copper edged lower.

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In the UK, the FTSE 100 was up 0.1 per cent, hovering close to record highs, as a weaker sterling continued to underpin gains in the exporter-heavy index.

Campaigning ahead of the June 8 general election was suspended after at least 22 people, including some children, were killed in suicide attack in Manchester overnight.

There was little direct market impact seen from the attack though shares of theme park operator Merlin Entertainments were off more than 1 per cent and the top losers on the FTSE.

REUTERS

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