European shares edge up as tech recovers, Steinhoff collapses

LONDON: European shares edged up on Thursday as tech stocks rebounded in the wake of a similar move in Asia and Wall Street, while troubled furniture retailer Steinhoff continued its market price collapse in the midst of an accounting scandal.

The STOXX 600 was up 0.1 per cent at 0820 GMT with tech stocks up 0.5 per cent but financials, industrials and healthcare shares also added points to the pan-European index.

Shares in Steinhoff plunged more than 30 per cent on Thursday, extending dramatic losses of over 60 per cent suffered during the previous session after the South African retailer revealed "accounting irregularities" and its chief executive quit.

In London, shares in Ladbrokes Coral surged 28 per cent after Bookmaker GVC Holdings said it had offered up to 3.9 billion pounds ($5.2 billion) to create a betting giant.