European stocks rise, led by automakers, oil stocks

miércoles 23 de septiembre de 2015 11:21 GYT
 

* FTSEurofirst 300 index gains 0.65 percent, Wall St flat

* Carmaker Volkswagen higher in volatile trade

* Profit warning sends healthcare firm Coloplast down 5 pct

By Danilo Masoni

MILAN, Sept 23 (Reuters) - European stocks nudged higher on Wednesday as investors sought bargains after heavy losses in the previous session, with automakers rebounding and oil companies underpinned by higher crude prices.

Shares in German carmaker Volkswagen rose as much as 9 percent in volatile trade. It had lost about a third of its value in the previous two sessions, after the carmaker got caught up in a scandal that Deutsche Bank called an "investor's nightmare".

The United States has accused Volkswagen of rigging its cars to conceal their emissions level when the engines were tested. Is chief executive, Martin Winterkorn, resigned on Wednesday .

Traders said Volkswagen's rise, accompanied by other gains by auto makers, were triggered by short covering. They cautioned against taking positions in the stock, which fell nearly 10 percent in early trading. One trader said talk of a potential takeover by Fiat Chrysler also helped.

The pan-European FTSEurofirst 300 index < .FTEU3> was up 0.65 percent, with analysts saying investors were taking advantage of recent share price declines and finding value in some stocks. Stocks in the U.S. were little changed.   Continuación...