European shares recover after late rally in oil

miércoles 27 de enero de 2016 14:00 GYT

* FTSEurofirst 300 up 0.4 pct

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* ARM down as Apple forecasts lower revenue

* RBS falls after warning of hit to profits (Adds closing prices)

By Alistair Smout and Sudip Kar-Gupta

LONDON, Jan 27 (Reuters) - European shares recovered to finish slightly higher on Wednesday as a late surge in oil prices helped offset pressure on the broader market from a spate of weak earnings updates.

Oil futures surged 5 percent, having opened lower, after Russia referred to possible co-operation with other major oil producers and as U.S. data showed a spike in demand for products such as heating oil last week when heavy blizzards hit.

That helped the oil and gas sector rise 1.1 percent, and helped the pan-European FTSEurofirst 300 close up 0.4 percent at 1,340.76 points.

"The threat of the early sell-off for oil prices this morning failed to materialise with crude bouncing above the $30 mark and this has in turn lent a raft of support to equity markets," said Tony Cross, market analyst at Trustnet Direct.   Continuación...