Shares of Telecom Italia surged 4% on Monday afternoon as reports emerged of a small investor group vying for a position on the company’s revamped board. The ASATI group is said to be filing a list of candidates ahead of a crucial vote on the new board of the Italian phone group, according to Reuters.
The news of the potential board revamp sent Telecom Italia shares soaring, reflecting investor optimism about the company’s future direction. The stock’s rise comes amidst a backdrop of broader market movements, with stocks opening lower after a winning week and Dassault Aviation seeing a 5.5% increase following a stock upgrade by analysts at BNP Paribas Exane.
In addition to Telecom Italia’s positive momentum, European oil and gas stocks nudged higher on Monday, tracking the rise in crude oil prices. ICE Brent Crude futures with May expiry were up by 0.83% to $86.14 a barrel, driven by concerns over geopolitical tensions and U.S. supply.
On the flip side, British insurance firm Direct Line saw its shares plummet by 12.6% after Belgium insurer Ageas announced it would not make an offer for the company. Meanwhile, Germany’s Delivery Hero experienced a 4.1% decline as its chief financial officer, Emmanuel Thomassin, announced his departure after a decade in the role.
Overall, European stock markets opened in mixed territory on Monday, with traders gearing up for a shortened trading week. The benchmark Stoxx 600 was slightly higher, with Germany’s DAX and the U.K.’s FTSE 100 also showing modest gains. France’s CAC 40, however, remained flat.
As investors navigate these market movements, CNBC Pro highlighted five stocks that are outperforming the S&P 500 and are expected to rise further. Additionally, fund managers and wealth advisors shared their insights on where to invest $1 million in the current market environment, offering recommendations ranging from tech to AI’s power needs.
With a mix of positive and negative developments shaping the market landscape, investors are closely monitoring the latest news and data releases to make informed decisions in the days ahead.
