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Sri Lanka Equity Forum » Stock Market News » European Stocks close Higher!

European Stocks close Higher!

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1 European Stocks close Higher! on Thu Nov 12, 2015 10:01 am


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
European stocks finished higher Wednesday, with brewers SABMiller PLC and Carlsberg helping to lead the way up.

A surge by TalkTalk Telecom Group PLC also provided a lift, even as a speech by European Central Bank President Mario Draghi disappointed some analysts.
The Stoxx Europe 600  gained 0.7% to end 378.71, rising for a second straight day. The index on Tuesday edged up 0.1%.
Brewers: Among the index’s biggest gainers on Wednesday was Carlsberg , with shares up 6.2% after the Danish brewer said it plans to cut 2,000 jobs in an effort to improve its profitability.
Meanwhile, SABMiller PLC    shares were pulled 1.9% higher as the maker of Miller Lite and Peroni agreed to be bought out by rival Anheuser-Busch InBev N.V.  . InBev shares gained 2.2%.
SABMiller’s gain helped push the U.K.’s FTSE 100  higher by 0.4% to end at 6,297.20.
TalkTalk Telecom Group PLC  was the Stoxx Europe 600’s biggest gainer, surging 13% as the U.K. company increased its half-year dividend, despite detailing a cost hit of over $50 million for last month’s cyberattack.
Demure Draghi? ECB President Mario Draghi reiterated his call for more integration of Europe’s banking sector, but didn’t discuss monetary policy as he delivered a speech in London.
Draghi opted to “focus instead on governance and regulation in increasingly integrated European financial markets,” said Enrique Diaz Alvarez, chief risk officer at Ebury, in emailed comments. He “omitted any mention of prospects for monetary policy.”
Draghi lately has been making dovish comments about monetary policy, spurring anticipation the ECB may ramp up its stimulus measures for the eurozone by as early as next month.
Germany: In Frankfurt, the DAX 30  gained 0.7% to close at 10,907.87, in part as shares of Henkel AG & Co. KGaA  surged 6.7%. The consumer goods and adhesives makerraised its per-share earnings forecast after sales and profit rose in the third quarter. But Henkel also issued a more cautious full-year outlook for sales due to weaker growth in China.
Osram Licht AG  shares tumbled 28% after the German manufacturer of lighting products said it plans to buy back up to 9.81% of its capital stock for up to €500 million. Osram also said it would invest €3 billion by 2020 in a growth initiative, including €1 billion to construct at new LED chip plant in Malaysia.
German exports fell 0.6% in the third quarter, largely due to falling commodity prices, the country’s economics ministry said Wednesday. It cited the slowdown in China’s economy, as well as recessions in Brazil and Russia, as it said “industry is currently experiencing certain headwinds.”
Other indexes: In Paris, the CAC 40  rose 0.8% to finish at 4,952.51. But shares of Vivendi SA  slumped 5.8% after the media group’s third-quarter earnings fell short of analyst estimates. Vivendi’s pay-TV group Canal Plus and Universal Music Group have been grappling with tough competition and rising costs, the company said in its update Tuesday.
Portugal’s PSI 20  fell 0.1% to 5,249.24, as an earlier gain faded and the index’s recent retreat continued. On Tuesday, left-wing politicians toppled the country’s center-right minority government in a vote on austerity measures.

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