Europe open: Shares pause after rally; Ocado gains on revenue rise

26th Mar 2024 08:28

(Sharecast News) - European shares opened lower as investors took a cautious approach after several days of gains driven by dovish comments from central bankers about the future path of interest rates.

The pan-regional Stoxx 600 index, which has enjoyed a rally to record highs in recent days, slipped 0.18% to 508.94 in early deals.

In economic news, German consumers were slightly more confident in March, although the recovery in sentiment remained slow, according to a monthly survey by GfK and the Nuremberg Institute for Market Decisions.

In equity news, Ocado gained after it first-quarter retail revenue rose 10.6% year-on-year. Separate industry data from research firm Kantar also showed it was the fastest-growing grocer in the 12 weeks to March 17.

Shares in gambling group Flutter were also higher as the company said it expected core profit to jump by around 30% this year.

Reporting by Frank Prenesti for Sharecast.com