Temenos helps European equities hit 8-month high

lunes 5 de septiembre de 2016 12:15 GYT
 

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* STOXX Europe 600 index up 0.1 pct

* Temenos surges on broker upgrade

* Commodity shares in demand

By Atul Prakash and Kit Rees

LONDON, Sept 5 (Reuters) - European shares edged higher to an eight-month peak on Monday, building on the previous session's rally, with Swiss software maker Temenos leading the market upward after an upgrade by a leading investment bank.

Temenos surged 7.6 percent, closing at a record high after Credit Suisse raised its stance on the stock to "outperform" from "neutral". Credit Suisse said it expected Temenos to continue to surprise on the upside in the coming quarters, including an increase of the 2016 guidance.

"But not only do we believe that the momentum is likely to remain strong, we also have become more confident that Temenos will be one of the few structural winners in the growing core banking software market in the medium term," Credit Suisse analysts said in a note.

Telecom company SFR gained 6 percent after rival French telecoms group Altice said it planned to simplify its ownership structure by exchanging its shares for the outstanding 22.25 percent of shares of SFR that it does not already own.   Continuación...