Europe’s worst-hit stocks in 2022 start new year with a rally

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.

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