London — European stocks rose on Monday, with gains in telecoms and banks offsetting a big fall in Unilever, while uncertainty over political developments and the timing of a US interest rate hike kept the dollar in check. US markets were closed for the Presidents Day holiday, and this restricted activity in Europe and Asia. Unilever shares fell nearly 9% at one point after US food company Kraft Heinz withdrew on Sunday a proposal for a merger with its larger rival in the face of stiff resistance. The Anglo-Dutch group’s shares were last down 7.4% and were the day’s biggest fallers. Despite that slide, the pan-European STOXX 600 index edged up 0.1% to just below a 14-month high touched last week. A 3% gain in Deutsche Telekom helped push the index higher after a Reuters report that Japan’s SoftBank is prepared to give up control of Sprint to Deutsche Telekom’s T-Mobile US to clinch a merger of the two US wireless carriers. Royal Bank of Scotland was the day’s biggest gainer as share...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.