Eurostoxx 50: 2,857.61 (+9.65) Frankfurt DAX: 7,039.31 (+12.36) Paris CAC: 3,908.58 (+27.34)EUROPEAN STOCKS rose yesterday, rebounding from the biggest drop in a month, as results from LVMH (Moet Hennessy Louis Vuitton) to SKF and Novartis beat analysts' estimates.
The Stoxx Europe 600 Index gained 0.4 per cent to 274.17 in London.
“Earnings have been of good quality,” said Jerome Forneris, who helps manage $11 billion at Banque Martin Maurel in Marseille. “If the whole earnings season is like this, we hope the market will make that its focus. This is good news, but in a calmer environment, the market would be gaining more. The market still is timid.”
Of the 16 companies in the Stoxx 600 that have reported earnings since April 11th, 11 have beaten estimates for per-share profit, according to data compiled by Bloomberg.
LVMH advanced 4.9 per cent to €115.10, pacing gains in luxury-goods shares.
The company said first-quarter sales advanced 17 per cent as wealthy customers bought more Givenchy handbags and Hublot watches.
Burberry rallied 6 per cent to 1,215p. The UK’s largest luxury retailer reported fiscal fourth-quarter sales that beat estimates and said adjusted full-year profit will be near the top end of market expectations.
Christian Dior climbed 3.9 per cent to €101.
Financiere Richemont, the world’s largest jewellery maker, added 3.8 per cent to 52.3 francs.
SKF surged 6.3 per cent to 187.70 kronor. The maker of ball bearings said first-quarter net income rose to 1.57 billion kronor ($250 million) from 1.03 billion kronor a year earlier.
Daimler advanced 1.4 per cent to €49.29 as auto-industry shares led gains in the Stoxx 600.
Faurecia, car interiors maker, advanced 4.5 per cent to €25.81.
Zodiac Aerospace, an aircraft seat maker, increased 2.9 per cent to €51.59.
Electricite de France jumped 4.2 per cent to €27.74 after the French government matched the price requested by the utility for the sale of its nuclear power to competitors.
Leoni, an electric cables and wire maker, surged 6.6 per cent to €33.06. TeliaSonera retreated 2.4 per cent to 48.59 kronor. – (Bloomberg)
