EUROPEAN shares opened higher to hit another record high on Wednesday (Mar 13), as upbeat corporate updates encouraged market sentiment, while investors awaited industrial production data from the region.
The pan-European STOXX 600 was up 0.1 per cent, by 8:21 GMT, following the benchmark’s all-time closing high on Tuesday.
The retail index gained 3.0 per cent and led sectoral gains, helped by a 16.9 per cent surge in Zalando, after the online fashion retailer reported a fourth quarter profit beat and announced a share buy-back programme.
E.ON rose 6.0 per cent after the operator of energy networks raised its five-year investment target to US$45.90 billion, and provided 2024 profit guidance that beat expectations.
Vallourec climbed 6.6 per cent, after the steelmaker ArcelorMittal announced acquisition of a 28.4 per cent stake in the France-based company for around 955 million euros (S$1.39 billion) to increase its exposure in the tubular business. REUTERS
