European stocks climbed to the highest level since July 2007 as Bayer AG and GDF Suez SA rose after reporting earnings.
The
Stoxx Europe 600 Index advanced 1 percent to 390.69 at the close of
trading, the biggest gain in more than a month. Bayer added 3.7 percent
as it forecast an increase in 2015 sales. GDF Suez gained 1 percent
after saying it will cut costs and posting annual net income in line
with estimates.
The
Stoxx 600 has rallied 6.4 percent in February, pushing gains this year
to 14 percent, as Greece reached a bailout deal and the European Central
Bank announced quantitative easing.
In Germany, the DAX Index jumped 1 percent as data showed unemployment in February fell twice as much as forecast.
Among
other stocks moving after results, Solvay SA rallied 3.8 percent as it
reported quarterly net income that was more than double the average
analyst projection.
Anheuser-Busch
InBev NV gained 3.1 percent after announcing plans to buy back $1
billion of shares. The brewer said beer industry volume in the U.S., its
largest market, will continue to improve this year. Peers Heineken NV
and Carlsberg A/S rose more than 2 percent. A gauge of food and beverage
companies posted the best performance among 19 Stoxx 600 industry
groups.
Cie.
de Saint-Gobain SA slipped 2.1 percent as Europe™s biggest supplier of
building materials reported annual net income that missed analysts™
predictions.
Royal
Bank of Scotland Group Plc slid 4.1 percent after posting a seventh
annual loss as it wrote down the value of its U.S. unit. Operating
profit fell short of projections.
Source: Bloomberg
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