Robust earnings help Europe stocks resume rally

martes 28 de octubre de 2014 05:35 GYT

* FTSEurofirst 300 up 0.8 pct, Euro STOXX 50 up 0.9 pct

* Sanofi share drop represents $10 bln market value wipeout

* So far, two-third of companies meet/beat forecasts

By Blaise Robinson

PARIS, Oct 28 (Reuters) - European shares rose in early trade on Tuesday, reversing the previous session's dip as better-than-expected results from a number of blue-chips including pharma group Novartis and bank UBS helped lift sentiment.

Bucking the trend, shares in pharma group Sanofi sank 7.1 percent after posting weaker-than-expected quarterly sales, blaming pricing pressures on its lucrative diabetes business.

"This is disappointing for one of the company's most important growth engines," Berenberg analysts wrote in a note.

The sharp drop in the stock - its biggest one-day slide in five years - represented a wipeout of 7.8 billion euros ($9.9 billion) in market value of France's biggest listed company and one of Europe's largest blue-chips.

At 0915 GMT, the FTSEurofirst 300 index of top European shares was up 0.8 percent at 1,315.00 points, reversing a 0.6 percent fall on Monday.   Continuación...