European shares open higher as tech, banks shine

Topdanmark A/S

17/06/2024 08:01

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       June 17 (Reuters) - European shares advanced on Monday,
with banks recouping some losses clocked last week and as
Denmark's Topdanmark jumped on the news of insurer Sampo's
all-share buyout offer of its rival. 
    As of 0709 GMT, the pan-European STOXX 600  .STOXX  was up
0.4%, coming off its worst weekly percentage fall so far this
year.
    The technology sub-index  .SX8P  led sectoral gains with a
1.2% jump, while European banks  .SX7E  advanced more than 1%. 
    European shares came under pressure last week when President
Emmanuel Macron called for a snap election following a trouncing
of his ruling centrist party by Marine Le Pen's eurosceptic
National Rally in the European Parliament elections.
    France's CAC 40  .FCHI  gained 0.6% early on after falling
more than 6% last week. 
    Shares of Topdanmark  TOP.CO  jumped 21% after Finnish
insurer Sampo  SAMPO.HE  agreed to buy its Danish rival in a
deal that values the company at 33 billion crowns ($4.73
billion), the two companies said. Sampo slumped nearly 3%.
    Shares of ING  INGA.AS , the largest Dutch lender by assets,
gained 2.1% after the bank forecast total income growth of
between 4% and 5% per year during 2024-2027.
    

 (Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Shashwat.Chauhan@thomsonreuters.com;))