Construction and material firms help European shares to rebound

miércoles 27 de mayo de 2015 04:33 GYT
 

* Pan-European FTSEurofirst 300 index gains 0.3 pct

* Construction and materials sector up on M&A update

* Generali gains on higher dividend expectations

By Atul Prakash

LONDON, May 27 (Reuters) - European shares rebounded from a one-week low on Wednesday, with the construction and materials sector leading the market higher after Holcim and Lafarge agreed with CRH on their divestment plans.

The STOXX Europe 600 Construction and Materials index rose 0.6 percent after cement firms Holcim and Lafarge said they had reached a binding agreement under which Irish firm CRH will buy some assets for 6.5 billion euro ($7.07 billion).

Shares in Holcim, Lafarge and CRH rose 1.3 to 1.5 percent, helping the FTSEurofirst 300 index of top European shares to gain 0.3 percent to 1,607.39 points by 0812 GMT, after falling to a one-week low on Tuesday.

The market was also supported by a survey showing morale among German consumers improved heading into June, helped by a growing willingness to make purchases.

"The German consumer confidence survey came in higher than expected which should bode well for domestic consumption in the months ahead," Markus Huber, senior analyst at Peregrine & Black, said. "There is very little major data scheduled to be released today, keeping the focus ever more on Greece."   Continuación...