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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Comeback in banks, tech lifts euro zone stocks as Steinhoff collapses

12/07/2017 | 12:23pm EDT
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - European shares edged up on Thursday as financial and tech stocks recovered, while troubled furniture retailer Steinhoff sank further, stung by an accounting scandal.

Investors recovered their risk appetite, pushing euro zone stocks up 0.2 percent, with financials the strongest sector, helping the bank-heavy Italian and Spanish markets outperform strongly with gains of 0.6 to 0.7 percent.

Euro zone stocks once again performed better than the broader pan-European STOXX 600 index as UK stocks slipped.

Euro zone banks jumped 1.1 percent, recovering after a risk-off mood dented financials in the previous session.

Banks ING, Santander, Unicredit and Intesa Sanpaolo drove gains, up 0.7 to 1.4 percent as confidence in the sector, and particularly peripheral European lenders, returned.

"In the world, the sector with the biggest potential to grow from here in earnings is probably continental European banks," said Kevin Gardiner, global investment strategist at Rothschild Wealth.

The tech sector edged up 0.2 percent, recovering slightly from several sessions of losses as investors grew more wary of highly valued parts of the market.

Sylvain Goyon, an equity strategist at France's Natixis, said the recent sell-off in technology shares was not driven by a change in the fundamentals of the sector and was not likely to last long.

"The key drivers of the industry are still there", he said.

He said a number of investors had just decided, as the end of the year neared, to cash in some profits from tech stocks which have outperformed the market. They have reinvested in cheaper financial shares, which are set to benefit from the U.S. tax cuts plan.

Some violent corporate stock swings stole the spotlight once again. Shares in Steinhoff plunged 45 percent, extending the previous session's dramatic fall after the South African retailer revealed accounting irregularities and its chief executive quit.

The stock was down 80 percent over the two sessions, knocking $12 billion off its market value.

At the other extreme, shares in Ladbrokes Coral climbed 3 percent after bookmaker GVC offered up to 3.9 billion pounds ($5.2 billion) to create a betting giant.

Also with the wind in their sails were wind turbine makers Siemens Gamesa and Vestas Wind, boosted by a note from Citi arguing renewables would account for half of global power generation capacity additions through 2030. The broker gave both stocks a "buy" rating.

Another standout performer was Europe's biggest debt collector, Intrum Justitia, up 11.4 percent after confirming an upbeat profit target.

The telecoms sector also enjoyed strong gains thanks to French operator Orange rising 2.1 percent after it set out plans to add customers and boost profit margins by investing in its networks rather than buying foreign rivals.

Deutsche Telekom, Vodafone and BT also rose 1.6 to 2.5 percent.

Carrefour meanwhile lost 2.9 percent, bottom of Paris' CAC 40 after a downgrade by Bernstein analysts who argued that recent share price gains were based on "wishful thinking" that a potential deal with Amazon was made more likely by the recent Casino-Ocado tie-up.

(Reporting by Julien Ponthus; Editing by Georgina Prodhan)

By Julien Ponthus and Helen Reid

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.36% 3343.63 Delayed Quote.6.31%
BANCO SANTANDER, S.A. 0.19% 2.8995 Delayed Quote.14.03%
BT GROUP PLC 2.70% 159.5 Delayed Quote.17.43%
CAC 40 1.50% 6552.73 Real-time Quote.16.29%
CARREFOUR 0.92% 14.785 Real-time Quote.4.42%
CHANGE INC. -3.39% 2250 End-of-day quote.-36.17%
DEUTSCHE TELEKOM AG 1.52% 17.22 Delayed Quote.13.42%
ENTAIN PLC 18.40% 2268 Delayed Quote.68.99%
EXTREME CO.,LTD. 0.98% 1238 End-of-day quote.6.91%
ING GROEP N.V. 0.37% 11.282 Real-time Quote.47.10%
INTESA SANPAOLO S.P.A. 0.87% 2.322 Delayed Quote.20.36%
JUST GROUP PLC -0.78% 89.4 Delayed Quote.28.90%
LETS HOLDINGS GROUP CO., LTD. -2.84% 6.5 End-of-day quote.-16.45%
LOOK HOLDINGS INCORPORATED -2.60% 1388 End-of-day quote.45.04%
ORANGE 0.12% 9.286 Real-time Quote.-4.72%
ROCHE HOLDING AG -0.63% 339.35 Delayed Quote.10.52%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 0.40% 22.34 Delayed Quote.-32.76%
STEINHOFF INTERNATIONAL HOLDINGS N.V. 6.97% 0.178 Delayed Quote.183.48%
STOXX EUROPE 600 1.00% 458.68 Delayed Quote.13.81%
UNICREDIT S.P.A. 0.84% 10.276 Delayed Quote.33.24%
VODAFONE GROUP PLC -0.09% 114.04 Delayed Quote.-5.62%
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Financials (USD)
Sales 2021 476 B - -
Net income 2021 27 103 M - -
Net cash 2021 57 789 M - -
P/E ratio 2021 63,7x
Yield 2021 -
Capitalization 1 693 B 1 693 B -
EV / Sales 2021 3,44x
EV / Sales 2022 2,84x
Nbr of Employees 1 298 000
Free-Float 82,5%
Duration : Period :
Amazon.com, Inc. Technical Analysis Chart | AMZN | US0231351067 | MarketScreener
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Last Close Price 3 355,73 $
Average target price 4 184,10 $
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