European shares rise at opening

Dhaka,  Wed,  20 September 2017
Published : 15 Mar 2017, 15:24:32

European shares rise at opening

European shares rise at opening
European shares rose on Wednesday, boosted by strength in basic resource and oil stocks, while French aeroplane seat-maker Zodiac plummeted after its latest profit warning, reports Reuters.

The pan-European STOXX 600 index gained 0.4 per cent in early deals. 

The sector index .SXPP were the top gainers, up 2.0 per cent, followed by an index of major European oil-related stocks .SXEP which rose 1.3 per cent.

Oil prices rebounded after a surprise US crude stockpile drawdown eased worries about a supply glut.

Amec Foster, Wood Group and Tullow Oil were among the best-performing oil services and oil producer stocks, up 3 to 3.5 per cent.

British drugmaker Hikma was up 7.2 per cent after it posted a rise in full-year operating profit, up 2.4 per cent on growth in its injectables and branded business, which offset weakness in its generic drugs.

Zodiac fell 12.8 per cent, the top European faller, after it warned on profit after the close on Tuesday. 

Zara owner Inditex fell 1.8 per cent after it posted a 10 per cent rise in profit for 2016. 

The broader European retail sector was the worst-performing sector, down 0.7 per cent, with Swedish peer H&M also down 4.5 per cent, according to Reuters.
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