European shares steady as rally in Roche lifts pharma stocks

viernes 27 de mayo de 2016 06:23 GYT

* Roche boosted by trial success with cancer drug

* Banks led lower by Spain's Banco Popular, oils down

* Investors cautious before Yellen speech (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) Adds details, prices)

By Sudip Kar-Gupta and Danilo Masoni

LONDON/MILAN, May 27 (Reuters) - European shares were steady on Friday, propped up by the Swiss stock market and pharmaceuticals companies after drugmaker Roche climbed on positive results for one of its products.

The pan-European STOXX 600 and FTSEurofirst 300 equity indexes both edged up by 0.1 percent, hovering around their highest levels in a month.

Zurich's benchmark SMI market outperformed to rise by 0.7 percent, helped by a 3.8 percent gain at Roche which was the best-performing European blue-chip stock.

Roche got a big boost when a clinical trial testing its new blood cancer drug Gazyva proved successful, lifting prospects for a new medicine that will be pivotal as the Swiss company fights the threat of biosimilar competition.

Roche also lifted up peers such as Novartis and Sanofi.   Continuación...