European shares steady, LVMH surges after reassuring results

miércoles 4 de febrero de 2015 08:10 GYT

* FTSEurofirst 300 up 0.04 pct, Swiss shares outperform

* Energy stocks fall back along with oil prices

By Blaise Robinson

PARIS, Feb 4 (Reuters) - European stocks were steady on Wednesday but better-than-expected results from LVMH sparked a rally in the shares of luxury goods makers, while investors booked gains on energy shares after oil prices fell back.

Shares in Louis Vuitton owner LVMH jumped more than 7 percent to hit a record high. The group posted forecast-beating fourth-quarter sales growth, thanks to the Vuitton brand's renaissance under star designer Nicolas Ghesquiere.

"Sales growth was particularly solid in the United States and Japan," Barclays France director Franklin Pichard said.

Shares in rivals Hermes and Kering added 2.7 percent and 2.1 percent respectively.

Energy stocks halted their recent sharp rally, and fell back along with crude prices. Brent futures were down 1.7 percent, hurt by renewed concerns over global demand and high stock levels.

Oil majors BP and Total were down 1.2 percent and 1.5 percent respectively.   Continuación...