Stocks in food-delivery companies, battered last year by souring investor appetite for stocks seen as vulnerable to the cost-of-living crisis, were among the best performers, notching up gains in excess of 7% as UK and Swiss markets also opened after the holiday.

In Switzerland, Credit Suisse Group AG, which lost two thirds of its market value last year, bounced back by 5.6% on Tuesday. In the UK, Ocado Group Plc and Rolls-Royce Holdings Plc led gains.

HelloFresh SE helped lead the advance for the Stoxx 600 benchmark as it jumped by as much as 9.5% to undo part of last year’s 70% decline. Just Eat Takeaway.com NV, which tumbled more than 50% in 2022, rose as much as 7.5%, while Delivery Hero SE gained by more than 7%.

Among technology shares, ams-OSRAM AG jumped 7%. The stock fell more than 59% last year as sentiment toward the sector took a pummelling from the rapid ascent of interest rates.

Some stocks, including Ocado and HelloFresh, also rebounded due to a short squeeze. Shares out on loan, an indication of short interest, was 13% of Ocado’s free float, according to data from S&P Global Market Intelligence, as of 30 December.

Builders rebound

British builders Persimmon Plc gained about 4.5% after losing 53% in 2022, while Barratt Developments Plc, which also plunged last year, advanced as much as 5.7%.

Travel shares jumped with TUI AG surging as much 6.6%. British Airways parent IAG SA also climbed after Citigroup analysts listed strong pricing power among the multiple catalysts that should benefit European long-haul carriers in 2023. 

Ryanair Holdings, whose buy rating was reiterated by Citigroup, also advanced. BM/DM