Shreyashi Sanyal and Sruthi Chankar

(Reuters) – European shares rose as investors bought defensive sectors, such as utilities, in the face of rising coronavirus incidences across Europe.

Europe’s broad index rose 0.4% on Wednesday, rebounding from the three-week lows. The top gainers included utilities and stocks in healthcare, which are sectors that can be considered safe investments when there is economic uncertainty.

Germany’s efforts to increase climate protection have given utilities a boost, with a quicker expansion of renewables, and a more rapid exit from coal.

The first day of gains for technology stocks was 0.6%. This follows rising bond yields that hit high-growth sectors earlier this week.

Wall Street was closed higher after fears about U.S. rate increases being more rapid. However, the strength of economic data supported global markets and helped to support Wall Street on Wednesday.

On Thursday, the United States held its Thanksgiving holiday.

Joshua Mahony from IG’s senior market analyst wrote, “European markets enjoyed a relatively positive day today, and the lack of US involvement reducing volatile into the close.”

Coronavirus infection rates are at record levels in Europe. This is prompting the need for new measures as Europe becomes the epicenter of the pandemic.

Italy tightened restrictions on those who refuse to receive the COVID-19 vaccination, and France announced that face masks would be mandatory again at many locations, notably indoors, to contain new infections.

Mahony said that while rising COVID incidences remain a concern for continental European economies, he had seen both the and gain ground.

The data earlier revealed a slower than expected German economic growth in the third quarter, and weak consumer sentiment before Christmas shopping season.

Remy Cointreau jumped 13.4% to a record high after it raised its full-year profit outlook as strong demand for its premium cognac drove a stronger-than-expected operating profit in the first half.

Rival Pernod Ricard London-listed shares gained 2.5% while the Pennsylvania Index gained 2.5% Diageo The LON Index climbed by 1.0%

Radiation therapy equipment maker Elekta gained 5.7% after it reported a smaller-than-expected fall in August-October earnings amid a growing need for cancer care and radiotherapy.

Swiss Life’s share of the market gained 3.6% when it stated it would buy back 1 billion Swiss francs ($1.07 billion), and increase its dividend payout ratio.

Norway’s Adevinta, the world’s largest classified ads company, fell 7.2% after it posted a smaller-than-expected rise in its third-quarter revenue.