European shares are higher Thursday, recovering from steep losses amid the ongoing US-China trade disagreements. The media sector is also helping to drive gains as the bidding war for Sky hots up following increased bids for the firm from Fox and Comcast.
German drugs packaging firm Gerresheimer also helped to boost investor sentiment.
By 1320 BST, the EUROSTOXX 600 was 0.77% higher, while the EUROSTOX 50 gained 0.61%. Regional bourses were all positive too. The German DAX rose 0.56%, the French CAC was 0.89% in the green and the Spanish IBEX picked up 0.27%.
Gerresheimer leads regional gainers
While investors work to make gains after yesterday’s declines, there was one standout performer. Gerresheimer is German drugs packaging maker which Thursday raised its revenue growth guidance. It also announced a €350 million investment plan to increase its digital drug delivery services.
“The first half of the current financial year is going as expected, with earnings per share, in particular, performing well,” said CFO Rainer Beaujean. “We anticipate a strong second half year and have accordingly narrowed our revenue forecast to the upper end of the range.”
Investors were impressed by these developments and sent the stock higher. Gerresheimer shares rose 10.19% to hit €77.35.
Other stock movers
While the German firm helped support broader index gains, there were also other stock movers worth noting.
Moller-Maersk shares are 2.13% higher at DKK7,762 following an analyst upgrade from Goldman Sachs.
Belgian beverage firm Anheuser Busch Inbev shares, meanwhile, gained 0.58% to hit €88.81 despite a lower target price from Liberum analysts. The financial experts remain buyers of the stock, however.
Sky shares, meanwhile, have climbed 2.68% to £1,533.50 after more developments in the bidding war for the business. Comcast came back with a higher offer after Fox’s increased bid Wednesday. And, the Fox takeover of Sky was approved by the UK Government.