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European shares hold at 21-month highs, Micro Focus slides
May 9, 2017 / 7:56 AM / 7 months ago

European shares hold at 21-month highs, Micro Focus slides

LONDON (Reuters) - A raft of well-received updates and a recovery in resources stocks helped European shares rebound early on Tuesday from the previous session’s slight losses, although shares in Micro Focus dropped.

Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski

The pan-European STOXX 600 index was up 0.3 percent, holding at 21-month highs, while France’s CAC 40 index gained 0.4 percent, recouping some of its losses from Monday following centrist Emmanuel Macron’s French presidential election victory.

Britain’s Micro Focus was the biggest STOXX faller, slumping more than 12 percent after saying that revenue at Hewlett-Packard Enterprise, the U.S. company it is buying, dropped around 10 percent in the last quarter.

Elsewhere company results were in focus, with shares in Denmark’s Nets rising 2.7 percent following its first quarter earnings, and potash miner K+S also up 2 percent after its update.

A rebound in basic resources stocks and gains among energy firms also helped support the market, with miners up after a rise in the underlying price of copper. Glencore was the biggest gainer, up 3.3 percent.

Reporting by Kit Rees; Editing by Catherine Evans

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