European shares up on results, M&A
MILAN: European shares were poised to end the week higher and rose to within striking distance of last month's peaks as healthy earnings, continued strength in the mining sector and corporate deal-making kept investors hooked.
The pan-European STOXX 600 index rose 0.3 per cent to its highest level since Jan. 26, while UK's FTSE and Germany's DAX both climbed 0.5 per cent.
The STOXX 600 Basic Resources index rose 1.9 per cent, topping sectoral gainers, as copper was supported by supply concerns and Chinese trade data that underscored stronger demand prospects for the metal.
The index was also lifted by ArcelorMittal shares, which rose 3.7 per cent after the world's largest steelmaker posted a higher-than-expected quarterly core profit.
Top STOXX gainer was mining and smelting firm Boliden , up 5.5 per cent, after its quarterly profit beat estimates. On the downside, Just Eat tumbled 6.2 per cent after CEO David Buttress unexpectedly stepped down.
Reckitt Benckiser rose 1.5 per cent after unveiling a deal to buy US infant formula maker Mead Johnson Nutrition for $16.6 billion, its biggest deal ever.
The pan-European STOXX 600 index rose 0.3 per cent to its highest level since Jan. 26, while UK's FTSE and Germany's DAX both climbed 0.5 per cent.
The STOXX 600 Basic Resources index rose 1.9 per cent, topping sectoral gainers, as copper was supported by supply concerns and Chinese trade data that underscored stronger demand prospects for the metal.
The index was also lifted by ArcelorMittal shares, which rose 3.7 per cent after the world's largest steelmaker posted a higher-than-expected quarterly core profit.
Top STOXX gainer was mining and smelting firm Boliden , up 5.5 per cent, after its quarterly profit beat estimates. On the downside, Just Eat tumbled 6.2 per cent after CEO David Buttress unexpectedly stepped down.
Reckitt Benckiser rose 1.5 per cent after unveiling a deal to buy US infant formula maker Mead Johnson Nutrition for $16.6 billion, its biggest deal ever.
