European shares edge higher, Maersk up after results

miércoles 21 de mayo de 2014 08:41 GYT

* FTSEurofirst 300 index rises 0.16 percent

* A.P. Moller-Maersk shares rise after results

* BNP Paribas falls on U.S. probe concerns

By Atul Prakash

LONDON, May 21 (Reuters) - European shares edged ahead on Wednesday, with Danish shipping and oil group A.P. Moller-Maersk a major gainer after it reported first-quarter net profit above forecasts and raised its outlook for the underlying result in 2014.

The pan-European FTSEurofirst 300 index was up 0.16 percent at 1,359.16 points by 1215 GMT, helped by a 3.5 percent gain in Maersk shares.

"Our quant model has a 12-month return forecast of 10 percent (for Maersk). Today's results will likely increase estimates and return forecast. We remain positive on Maersk in 2014," Peter Garnry, head of equity strategy at Saxo Bank, said.

But index gains were capped by falls in individual stocks prompted by specific company news.

WM Morrison fell 3.3 percent, the top decliner on the FTSEurofirst 300 index, after Deutsche Bank analysts cut their rating on the company to "sell" from "hold".   Continuación...