European shares rise at open ahead of Italy polls

European shares traded higher at the opening session on Monday as focus gradually shifts from the earnings season to monetary policy and politics with Italy’s election on Sunday.

At 0945 GMT, the pan-European STOXX benchmark index was up 0.54 per cent at 383.20 points in lower than usual volumes after Asian shares made guarded gains.

Satellite firms SES SESFg.LU, up 9.4 per cent, German drugs packaging firm Gerresheimer’s rose 2.7 per cent or France’s pipe maker Vallourec up 4.5 per cent.

Nordic telecom companies Nokia and Ericsson were up 4.1 per cent and 3.8 per cent respectively.

Consumers staples, basic materials and health care added the sectors adding most points to the index.

Deutsche Bank rose 0.7 per cent, while Lloyd’s of London underwriter Hiscox posted the worst performance of the index with a 4.7 per cent fall.

Bank of Ireland was down 2.9 per cent, according to Reuters.

Outside the STOXX 600, shares in Dutch postal company PostNL sank 16 per cent after it lowered its cash operating income target for 2020.