European shares nudge higher as oil and mining stocks
LONDON: The muted start to the second quarter continued on Tuesday as European shares edged up, helped by gains in oil-related stocks and miners, though weakness in the autos sector weighed.
The pan-European STOXX 600 index was up 0.1 per cent while the resources-heavy FTSE 100 outperformed and was up 0.5 percent.
Oil stocks and basic resource were the standout sectoral gainers, both rising around 0.5 per cent, rebounding from losses in the previous session.
Broker action boosted individual names, with Rotork jumping 5.6 per cent after JP Morgan raised the valve-control systems maker to "overweight" from "neutral".
Likewise Weir rose 2.3 per cent after Citigroup began its coverage of the stock with a "buy" rating.
Stocks with South African exposure, such as Investec and Old Mutual, were among the biggest fallers, down 3.2 per cent and 2.7 respectively after S&P Global Ratings cut the country's credit rating to sub-investment grade with a negative outlook, sending the rand lower.
Autos were the biggest sectoral losers, down 1 per cent with Daimler, Peugeot and Renault leading the sector lower.
Figures for US sales of new vehicles in March at major carmarkers came in below market expectations while investor worries over the outlook for diesel vehicles has cast a cloud over European auto stocks.
The pan-European STOXX 600 index was up 0.1 per cent while the resources-heavy FTSE 100 outperformed and was up 0.5 percent.
Oil stocks and basic resource were the standout sectoral gainers, both rising around 0.5 per cent, rebounding from losses in the previous session.
Broker action boosted individual names, with Rotork jumping 5.6 per cent after JP Morgan raised the valve-control systems maker to "overweight" from "neutral".
Likewise Weir rose 2.3 per cent after Citigroup began its coverage of the stock with a "buy" rating.
Stocks with South African exposure, such as Investec and Old Mutual, were among the biggest fallers, down 3.2 per cent and 2.7 respectively after S&P Global Ratings cut the country's credit rating to sub-investment grade with a negative outlook, sending the rand lower.
Autos were the biggest sectoral losers, down 1 per cent with Daimler, Peugeot and Renault leading the sector lower.
Figures for US sales of new vehicles in March at major carmarkers came in below market expectations while investor worries over the outlook for diesel vehicles has cast a cloud over European auto stocks.
