European shares pull back on bearish oil report, profit taking

miércoles 13 de enero de 2016 13:25 GYT
 

* FTSEurofirst 300 index gains 0.42 percent

* Rise in U.S. crude inventories weighs

* Insurer Aegon rallies after updates (Adds details, updates prices)

By Danilo Masoni and Atul Prakash

MILAN/LONDON, Jan 13 (Reuters) - European shares rose on Wednesday but ended off their highs on some profit taking and after a rise in U.S. crude oil inventories added to concerns about a deepening supply glut.

The pan-European FTSEurofirst 300 rose 0.42 percent to 1,354.8 points, extending Tuesday's gains, but off an intraday high of 1,374 points. Germany's DAX dipped 0.25 percent.

The volatility underlined the fragility of sentiment after a rocky start to the year due to fears over a slowdown in China, which caused the FTSEurofirst to dip to a three-month low on Monday after in four straight sessions of declines.

"We are in a very volatile phase and it's not that surprising that any gains trigger profit-taking," said Giuseppe Sersale, a fund manager at Anthilia Capital, adding that the U.S. oil report was a key catalyst.

In spite of the swings, Dutch insurer Aegon held on to solid gains to end up 9.7 percent, making it the biggest gainer in the FTSEurofirst 300. The group provided an update on its strategy, gave financial targets and said it will increase its profitability and capital returns.   Continuación...