EUROPE MARKETS: European Stocks Gain As Deutsche Bank, Nokia Rise

Date : 04/29/2014 @ 12:23PM
Source : Dow Jones News
Stock : BP P.L.C. (BP)
Quote : 34.66  0.0 (0.00%) @ 6:25PM

EUROPE MARKETS: European Stocks Gain As Deutsche Bank, Nokia Rise

BP (NYSE:BP)
Historical Stock Chart

3 Years : From Apr 2014 to Apr 2017

Click Here for more BP Charts.

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- European equities advanced Tuesday, logging a second consecutive session of gains, as investors assessed a fresh round of corporate financial results.

The Stoxx Europe 600 rose 1.2% to 338.12, paced by gains in the oil sector as BG Group PLC shares bulked up 3% and BP PLC (BP) bounced higher by 2.9% after the company raised its dividend to 9.75 cents a share from 9 cents a share last year.

A 2.9% increase in Deutsche Bank AG shares also helped lift the Stoxx 600, rising after the banking firm's first-quarter profit came in above analyst expectations. The move also supported a 1.5% climb in Germany's DAX index to 9,584.12.

The lead advancer on the German stock gauge was Infineon Technologjes AG , closing up 4.6% following the chipmaker's better-than-expected second-quarter results.

Infineon also forecast revenue growth and margin "to be at least at the upper end" of previously set projections.

Key Russian stock indexes also settled higher, brushing past sanctions imposed on 15 more Russian and pro-Russian Ukrainian figures by the European Union in response to escalating tensions between Moscow and Kiev. The EU's list was released Tuesday. The blue-chip Micex index rose 0.4%, and the RTS index gained 1.2%.

On Monday, the U.S. announced sanctions on seven Russian government leaders and 17 companies linked to the "inner circle" of Russian President Vladimir Putin.

The impact of the sanctions is "blunted" as they "target the Russian elite, rather than the economy as a whole, suggesting that the U.S. wants to limit the impact on U.S. and European businesses," said Marshall Gittler, head of global FX strategy at IronFX Global Ltd. in a note early Tuesday. "Thus the markets -- and President Putin too, one assumes -- see the lack of conviction behind the effort and the desire on the part of the West to minimize their own sacrifice on behalf of Ukraine."

Increased tensions between Moscow and Kiev could weaken economic prospects for Europe's largest economy, a GfK German consumer-confidence survey showed, though confidence in the economy remains high.

Gainers in European markets also included Nokia Oyj , pushing up 2.9% as the mobile company said it will distribute more than 3 billion euros ($4.19 billion) to investors, using a significant chunk of cash from the recent sale of its handset business to Microsoft Corp. (MSFT) Also, Nokia's first-quarter loss narrowed from the year-ago period.

On the downside, stock in ABB Ltd. slumped 7% after first-quarter earnings and revenue at the power-and-technology company fell short of projections by analysts.

In London, government-services provider Serco Group PLC warned of a possible downward revision to its expectations, triggering a 15% slide in shares.

Also in the U.K., the FTSE 100 index rose 1% to 6,769.91. Data released Tuesday by the Office for National Statistics showed the U.K.'s gross domestic product grew by 0.8% in the first quarter, coming in shy of estimates from analysts and the Bank of England.

In France, CAC 40 reversed earlier losses to finish up 0.8% at 4,497.68.

More news from MarketWatch:

Only recession can kill this bull market, says RBC

Mt. Gox stakeholders trying to revive exchange

Subscribe to WSJ: http://online.wsj.com?mod=djnwires





Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.