March 28, 2017 / 7:28 AM / a year ago

European shares recover, boosted by results, deals; Booker dips

LONDON, March 28 (Reuters) - European shares gained on Tuesday in early deals, boosted by positive results and dealmaking, as stock markets recovered from a sentiment-fuelled dip in the previous session.

The pan-European STOXX 600 index was up 0.4 percent by 0820 GMT, with banking stocks and basic resources the biggest contributors to gains.

Wolseley was the top European gainer, up 7 percent after the heating and plumbing products supplier posted a 25 percent rise in first-half profit, driven by U.S. growth.

Shares in Portuguese energy firm EDP were up 4.2 percent after it said it launched an offer to buy the 22.47 percent of renewable energy subsidiary EDPR it does not already own.

Dufry was also among top gainers, up 4 percent after a report said Chinese conglomerate HNA was seeking to buy a stake in the Swiss airport retailer.

Booker was among top fallers, down 2.8 percent, after two major Tesco shareholders said they opposed the British retailer’s $4.7 billion plan to buy the wholesaler, arguing the deal would destroy value. Shares in Tesco retreated 0.5 percent.

Gambling company Ladbrokes Coral Group fell 1.9 percent after it posted a 22 percent increase in operating profit for 2016 despite paying out heavily on gambler-friendly sports results. (Reporting by Helen Reid)

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