Bayer buoys European shares; Spain underperforms

viernes 28 de febrero de 2014 11:56 GYT
 

* FTSEurofirst 300 up 0.2 pct, ESTOXX 50 up 0.3 pct

* Rise in Bayer adds most points to FTSEurofirst

* Spain's IBEX falls 0.6 pct to underperform broader rally

By Sudip Kar-Gupta

LONDON, Feb 28 (Reuters) - Gains at major German drugmaker Bayer helped to prop up European equities on Friday, although weak earnings in Spain hit the Madrid market.

The pan-European FTSEurofirst 300 index rose 0.2 percent to 1,347.93 points in late session trading. The euro zone's blue-chip Euro STOXX 50 index advanced 0.3 percent to 3,144.77 points.

A 2 percent rise at Bayer, after Bayer lifted its estimate for potential sales of new drugs, added the most points to the FTSEurofirst 300. That helped Germany's DAX rise 0.8 percent to 9,667.67 points, putting it back in sight of its January record high of 9,794.05 points.

However, Spain's IBEX fell 0.6 percent and missed the broader rally. Spanish builders FCC and Sacyr fell 7.2 percent and 3.1 percent respectively after each reported losses for 2013.

Although Spain and Italy have shown signs of an economic recovery from a slump caused by the 2010-2012 euro zone debt crisis, some traders still prefer Germany - Europe's biggest economy - as their favoured European stock market.   Continuación...