Insurers help European shares to bounce back

martes 29 de marzo de 2016 04:48 GYT

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSEurofirst 300 index rises 0.7 percent

* Insurers gain on positive broker comments

* Portuguese banks BPI and Millennium BCP fall

By Atul Prakash

LONDON, March 29 (Reuters) - European equities advanced on Tuesday after a long weekend, with insurers leading the market higher after companies such as RSA Insurance and NN Group rose following some bullish broker comments.

The STOXX Europe 600 Insurance index was up 1.4 percent, the top sectoral gainer. RSA Insurance rose 2 percent after Deutsche Bank and Barclays increased their target prices for the stock, while Dutch insurer NN Group gained 2.2 percent after HSBC added it to its "Europe Super 10" list.

"We add NN Group because it offers an attractive capital return in what we expect to be an uncertain top-down environment where we expect sustainable higher yielding assets to be very much in demand," HSBC analysts said in a note.

"We see it continuing to generate high and sustainable net cash flows to fund a compelling return ... to shareholders."   Continuación...