LONDON, May 4 (Reuters) - A flurry of well-received earnings updates boosted European shares on Thursday, with a positive print from HSBC supporting financials while oil stocks also rose.
The pan-European STOXX 600 index was up 0.3 percent, holding near 20-month highs, while Germany’s benchmark DAX index rose 0.2 percent to hit a fresh all-time high.
European banks were top gainers, rising 1.3 percent after lender HSBC jumped 3.4 percent. HSBC posted a better-than-expected first-quarter profit and capital position.
Likewise a decision by the U.S. Federal Reserve to keep interest rates on hold also helped the sector, as banks benefit from a higher interest rate environment.
Oil & gas stocks were also firmer, up 1.1 percent following robust updates from both Statoil and Royal Dutch Shell, which rose 3 percent and 2.3 percent respectively.
Results also boosted shares in brewer AB InBev and Austrian engineer Andritz, which were among top STOXX 600 gainers.
British retailer Next was the biggest faller, however, dropping more than 5 percent after cutting the top end of its full-year profit guidance.
The first quarter earnings season has been strong for European firms so far, 43 percent of which have reported figures. Of those firms, around 74 percent have beaten earnings expectations, while 82 percent have beaten on revenue according to Thomson Reuters data.
Reporting by Kit Rees, Editing by Helen Reid