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Europe close: Stimulus talk boosts share prices

Thu, 8th Oct 2020 20:39

(Sharecast News) - Stocks in Europe all finished in positive territory on Thursday alongside another session of strong gains for Wall Street on the back of hopes for further fiscal stimulus.
The pan-European Stoxx 600 advanced 0.78% to 368.31, alongside a jump of 0.88% to 13,042.21 for the German Dax while the FTSE Mibtel was up by 0.76% to 19,582.43.

US stocks closed higher overnight, with the Dow up 530 points as President Donald Trump and House Speaker Nancy Pelosi indicated some support for smaller stimulus after Trump abruptly shelved talks on a larger relief plan to help those hammered by the Covid-19 pandemic.

"The talks for the major stimulus package have been postponed until after next month's presidential election, but dealers are taking their cues from Mr Trump who seems to be interested in smaller individual relief schemes," said CMC Markets analyst David Madden.

"Sentiment was largely downbeat in Europe yesterday due to the news that the Donald halted the negotiations for the big picture stimulus, but today sentiment has ticked up as there is a feeling that small packages could be signed off."

In corporate news, big early gains for GVC Holdings petered out after the sports-betting company lifted its guidance for full-year profits, boosted by a rise in online gaming in the third quarter.

Stock in cigarette maker Imperial Brands dipped after rising in the morning session. The company on Thursday said it expected full year earnings to be 6% lower even though volumes were better-than-expected as customers smoked more tobacco during lockdown.

Net revenue performance was slightly ahead of the guidance and was expected to be broadly flat on last year at constant currencies.

Shares in TalkTalk surged 17% after announcing that Toscafund Asset Management has made a non-binding offer of 97p a share to buy the UK telecommunications firm.

Hargreaves Lansdown slipped 5% after the asset manager reported flat net new business in the three months to September 30.



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