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Buoyant media sector supports European shares

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MILAN: A buoyant media sector following a new bid for British pay-TV firm Sky drove European shares higher on Thursday, helping them stabilise after heavy losses in the previous session when fears of an escalating trade war hit markets.

The region's media index rose more than 1 per cent in early trading with Sky up 2.7 per cent after US-based Comcast submitted a $34 billion bid for the group just hours after Rupert Murdoch raised his offer.

The pan-European STOXX 600 index was up 0.1 per cent by 0716 GMT, with gains in the healthcare and consumer sectors curbed by losses among energy and financials.

Elsewhere earnings updates drove share price moves.

Gerresheimer rallied 9.8 per cent after the German drugs packaging maker raised the lower end of its revenue growth guidance and unveiled a 350 million euro acquisition to expand in the field of digital drug delivery devices.

Norwegian bank DNB fell 5.8 per cent after its second quarter earnings fell short of expectations.

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