2017.12.0721:11:00UTC+00European Markets Mostly Higher; Steinhoff Extends Losses

European markets ended slightly higher on Thursday as investors priced in merger and acquisition news and are set to focus on new economic data.

The pan-European Stoxx 600 fluctuated and eventually closed 0.02 percent higher, with major bourses and sectors pointing in different directions.

The DAX moved back above the 13000 mark and the automobile sector is recovering as the euro held below 1.18 against the dollar.

The FTSE 100 underperformed and has pared most of its earlier losses as hopes for a Brexit deal ahead of next week's EU summit fade amid concerns about the stability of May's position.

Telecoms advanced by 1.28 percent with France's Orange leading the charge, rising 2.32 percent. The company announced that investments would peak in 2018 at 7.4 billion euros ($8.7 billion) as it spends on networks to grow its customer base.

Banks rose 0.85 percent, recovering following a risk-off mood that dented financials in the previous session.

Travel and leisure stocks did well earlier in the day by advancing in the afternoon. They closed up 0.53 percent. Shares of Ladbrokes Coral topped the Stoxx 600, up by more than 29 percent after bookmaker GVC Holdings offered to buy the company for £3.9 billion. The move could create an online betting giant from both London-listed brands.

The tech sector inched up, recovering slightly from several sessions of losses as investors grew more wary of highly valued parts of the market.

Steinhoff plunged to the bottom of the benchmark. The South African retailer extended sharp declines from the previous session, after it announced accounting irregularities and the resignation of its chief executive. Shares of the company dropped more than 46 percent.