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4 个月前
Basic resource, oil stock rally drives European share rise
2017年3月15日 / 上午10点29分 / 4 个月前

Basic resource, oil stock rally drives European share rise

3 分钟阅读

* STOXX 600 up 0.2 pct

* Zodiac plummets on another profit warning

* Swedish fashion retailer H&M down on sales miss

* German utility E.ON drops after 16 bln euro loss (Updates prices)

By Helen Reid

LONDON, March 15 (Reuters) - European shares rose on Wednesday, boosted by basic resource and oil stocks, while French aeroplane seat-maker Zodiac fell more than 13 percent after its latest profit warning.

The pan-European STOXX 600 index gained 0.2 percent in early trading, with the market focused on potentially divisive elections in the Netherlands and a U.S. Federal Reserve policy meeting that could signal how much monetary tightening to expect during the remainder of the year.

A recovery in oil prices after a surprise U.S. crude stockpile drawdown eased worries about a supply glut spurred a rally in basic resources stocks with the sector up 2 percent, followed by major European oil-related stocks which rose 1.3 percent.

Rio Tinto and Glencore were among the top gainers, with their shares up 2.3 to 2.7 percent.

British drugmaker Hikma was up 7.7 percent after it posted a 2.4 percent rise in full-year operating profit on growth in its injectables and branded business, which offset weakness in its generic drugs.

Finnish stainless steel producer Outokumpu was up 4.6 percent, set for its best day in six weeks, after the European benchmark price for ferrochrome, a crucial raw material for steel production, was set lower than expected.

Zodiac was the biggest European faller, after it warned on profit after the close on Tuesday. The company, which engine maker Safran is seeking to acquire, said it sees full-year operating income falling 10 percent against a previous forecast of a 10-20 percent rise.

Swedish fashion retailer H&M was among the biggest fallers, with its shares down 4.8 percent after it posted its first monthly sales drop in four years.

The Europe-wide retail sector index was the worst-performing, down 0.6 percent, with Zara owner Inditex also down 1.3 percent after it posted a 10 percent rise in profit for 2016.

German utility E.ON < EONGn.DE> fell 3.6 percent after it posted a record 16 billion euro ($17 billion) loss due to impairments on its former power plant unit Uniper which it spun off last year. (Editing by Vikram Subhedar and Alexander Smith)

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