European Shares Rise Amid Mergers And Acquisitions in The Telecom Sector

European shares rose Monday, November 22nd, boosted by a rally in telecoms stocks, and the European STOXX600 index rose 0.3% to offset Friday’s declines after Austria announced new lockdown measures to combat the COVID-19 pandemic and neighboring Germany hinted it might follow suit.

Telecom shares rose 0.9%, supported by shares of Telecom Italia, which jumped 21.3% to its highest level since June.

The European index recorded its first weekly decline in seven weeks on Friday due to concerns about the impact of possible closures against the background of the recent increase in cases, which negatively affected sectors affected by economic cycles such as automakers and banks.

Renault’s stock rose 0.4% after signing a second supply deal with Vulcan Energy Resources to develop lithium.

Meanwhile, wind turbine maker Vestas fell 1.4% after it said it had been subjected to a cyberattack that affected its information technology systems and damaged the Danish company’s data.