European shares end steady as oil stocks offset real estate rally

lunes 1 de junio de 2015 12:35 GYT

* Pan-European FTSEurofirst 300 steadies at close

* Roche advances on encouraging update

* Real estate shares gain on positive note

By Atul Prakash

LONDON, June 1 (Reuters) - European equities steadied at the close on Monday, with stronger real estate and healthcare offsetting weaker energy stocks, which tracked a sharp drop in crude oil prices.

Roche rose 1.3 percent, helping the European healthcare index to rise 1 percent, after the drugmaker's cancer immunotherapy drug Atezolizumab was found to reduce tumours in two thirds of lung cancer patients when combined with chemotherapy.

The STOXX Europe 600 real estate index gained 1.3 percent, with traders attributing the rise to a positive note by JP Morgan, raising its target price for stocks of companies including British Land, Great Portland and Land Securities. Their shares rose 0.8 to 1.6 percent.

"We ... maintain our preference for higher growth potential markets in the UK, Ireland and Spain," JP Morgan analysts said in the note, adding that they saw a 9.7 percent upside potential for the sector.

However, gains were eclipsed by losses in energy stocks after oil prices fell more than 1 percent on a strong dollar and worries of stubbornly high supplies as OPEC prepared to stick to production targets when they meet this week.   Continuación...