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European shares rise as Italian stocks recover, Ocado soars

Reuters - UK Focus

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

LONDON, May 17 (Reuters) - European stocks pushed higher in early trading on Thursday as Italian stocks recovered some lost ground and commodities-related sectors rallied, while shares in Ocado rocketed after the company signed a partnership deal.

The pan-European STOXX 600 was up 0.1 percent by 0724 GMT, holding at 3-1/2 month highs as shares in energy stocks and miners rose, while Italy's benchmark climbed more than 1 percent as markets awaited the result of talks between two anti-system parties to form a coalition government.

On Wednesday, Italian stocks had tumbled more than 2 percent after a leaked draft coalition programme indicated that the parties planned to ask the European Central Bank to forgive 250 billion euros ($296 billion) of Italian debt.

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Britain's FTSE 100 also pushed higher, shrugging off a rise in sterling following a report late on Wednesday that Britain will tell Brussels it is prepared to stay in the European Union's customs union beyond 2021. A source at Prime Minister May's office dismissed the report on Thursday.

While indexes were relatively subdued, there were some big movers among individual stocks. Shares (Berlin: DI6.BE - news) in online supermarket Ocado surged nearly 40 percent to an all-time high after the company signed a deal with U.S. retailer Kroger Co to use Ocado's technology for grocery deliveries in the world's biggest market.

Earnings updates also spurred sizeable moves. Altice (Amsterdam: 28975495.AS - news) jumped more than 10 percent after its French unit showed the first signs of recovery in the first quarter, while French waste and water group Suez (LSE: 0NRV.L - news) rose 3.4 percent after higher waste volumes boosted its first-quarter core earnings.

Shares in Maersk, broadcaster RTL and Royal Mail (LSE: RMG.L - news) all fell between 3.9 and 9.5 percent after giving updates.

Shares in British bookmakers also came under pressure after the UK government cut the top stake on fixed-odds betting terminals to two pounds. William Hill (Frankfurt: 633847 - news) , GVC and Paddy Power Betfair (Other OTC: PDYPF - news) fell between 0.7 and 3.1 percent.

(Reporting by Kit Rees; Editing by Kevin Liffey)