European shares bounce back, helped by solid earnings reports

miércoles 5 de noviembre de 2014 05:02 GYT
 

* FTSEurofirst 300 up 0.7 pct, reverses Tuesday's loss

* Marks & Spencer jumps 8.3 pct after results

* Two-thirds of companies meet-beat forecasts -data

By Blaise Robinson

PARIS, Nov 5 (Reuters) - European shares rose early on Wednesday, reversing most of the previous session's losses, helped by a raft of positive company results.

British retailer Marks & Spencer surged 8.3 percent after posting a rise in underlying first-half profit for the first time in four years, beating expectations, while German chemicals distributor Brenntag gained 7.8 percent, boosted by forecast-beating earnings.

Shares in Lundin Petroleum climbed 3.8 percent after the Swedish oil and gas producer posted third-quarter earnings above expectations, while German reinsurer Hannover Re rose 1.5 percent after saying its net profit rose by a forecast-beating 21 percent.

Bucking the trend, Finnish stainless steel maker Outokumpu tumbled 5 percent after reporting a bigger-than-expected quarterly loss due to weak markets, with no improvements in sight.

About halfway into Europe's earnings season, 64 percent of companies have managed to meet or beat profit forecasts, and 59 percent met or beat revenue forecasts, according to Thomson Reuters StarMine data.   Continuación...