Europe open: Shares continue rally as investors eye Fed meeting

by | Jan 26, 2022

European shares continued to rally at the open on Wednesday, as investors waited on news from the US Federal Reserve’s two-day meeting later in the day.
The pan-European Stoxx 600 rose 1.26% in early deals with travel and leisure stocks leading gains. Investors are looking for guidance on the timing of already-announced rate rises.

Eyes were also on geopolitical tensions on the Russia-Ukraine border. US President Joe Biden on Tuesday said he would consider imposing personal sanctions on Russian President Vladimir Putin if Russia attacked its neighbour.

In equity news, hygiene products group Essity dropped 4%, after posting a bigger-than-expected fall in quarterly profit and saying it planned to raise prices further in the face of record high costs.

In terms of individual share price movement, shares in Britain’s Allfunds Group climbed 7.59% after Citigroup upgraded the company’s stock to ‘buy’ from ‘neutral’.

Swiss drug contract manufacturer Lonza gained 2%, after reporting a 20% jump in 2021 core earnings, shored up by demand for the substances it supplies for new mRNA COVID-19 vaccines.

Travel and leisure stocks were also in demand, with Lufthansa, BA and Iberia owner IAG, cruise operator Carnival and holiday firm Tui all making gains.

Gambling software maker Playtech fell after it again urged shareholders to accept a £2.7bn takeover offer from Australia’s Aristocrat Leisure following reports that it is planning a breakup and sale of the group if the bid is blocked by a bloc of Asia-based investors.

Precious metals miner Fresnillo slumped tumbled as it cut its production guidance, citing operational challenges and new labour laws.

Related articles

Europe midday: Shares slip into red on Middle East tensions

Europe midday: Shares slip into red on Middle East tensions

(Sharecast News) - European shares fell into the red on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group Hezbollah against Israel. The...

Europe open: Shares edge ahead as Middle East tensions weigh

Europe open: Shares edge ahead as Middle East tensions weigh

(Sharecast News) - European shares edged ahead in a cautious start to trade on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x