You are here

Europe: Shares rise on Glencore and M&A hopes

Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany August 11, 2015.

[LONDON] European shares rose on Thursday, buoyed by a further rebound for mining and trading company Glencore after a painful sell-off earlier in the week and bid talk for German salt and fertilizer company K+S .

It was a different story for telecoms group Altice , which fell 5.9 per cent after announcing a capital increase to help fund its takeover of Cablevision.

European stock markets were also supported by gains overnight on Asian and US equity markets, with some traders viewing more weak Chinese data as a sign that China may undertake further measures to bolster the country's economy.

The pan-European FTSEurofirst 300 index rose 1.2 per cent while the euro zone's blue-chip Euro STOXX 50 index advanced 1.1 per cent.

Market voices on:

Glencore rose 5.6 per cent, boosted by an upbeat broker note on the company from investment bank Citi, while other mining stocks were also lifted by firmer metals prices.

K+S advanced 5.5 per cent following a report of a new takeover approach from rival Potash.