May 30, 2019 / 7:27 AM / 4 months ago

Springer, Daily Mail prod European stocks higher

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May 30 (Reuters) - Jumps for two of Europe’s biggest newspaper publishers helped European stocks gain early on Thursday, recovering from a more than 3-month closing low a day earlier as trade concerns continued to weigh on stock markets.

Germany’s Axel Springer SE shares jumped to the top of the pan-European STOXX 600 after it said it was in talks with private equity firm KKR about a potential investment in the company.

Britain’s Daily Mail also gained 10% after it reported a better-than-expected 19% rise in first-half adjusted pretax profit and reaffirmed its forecasts for the full year.

By 0712 GMT, the STOXX 600 was up 0.3%, its first gain for three days.

Italy’s FTMIB, which has been battered this week on concerns over the country’s budget dispute with the European Union, led gains among country indexes with Britain’s blue-chip FTSE 100 underperforming due to a slight strengthening in the pound.

The European media sector gained 1%.

Markets in Switzerland, Denmark, Sweden, Austria among others were shut on account of Ascension day. (Reporting by Medha Singh in Bengaluru)

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