Strong Earnings Reports Lift European Stock Prices
May 18, 2011
Belgian stocks gained as Reticel shares gained thanks to stronger first-half results. Even though the figures were in the red, they showed that the company is quickly improving from a dismal second half of 2010. French stocks were also lifted by several strong earnings reports that renewed confidence of investors who were worried about France's economy and the potential for widespread strikes this autumn. Swedish share prices rose after shares in pharmaceutical company Astra staged a late recovery. Meanwhile, Swiss stocks ended slightly lower on continued selling of Roche shares. In other markets, U.K. and Dutch stocks both felt pressure from early declines in the U.S. But while U.K. stocks rebounded from a midsession slump brought on by rising U.S. bond yields, shares fell on the Amsterdam Stock Exchange after declines at Wall Street's opening put pressure on Dutch stocks in the afternoon. In declining markets, Italy's stock market lost ground as the latest developments at information systems company Sutphin haven't inspired confidence in the market. On Thursday, Tomes Packer, the company's director general, resigned and questioned the validity of half-year figures released earlier in the week. South African gold shares closed lower despite a sliding rand, and Spanish stocks fell on continued selling of Gas Natural shares. In dollar terms, the European sector of the Dow Jones World Stock Index fell 0.03 to 145.35 Thursday, after rising 0.97 the previous day. The world index as a whole slipped 0.38 to 136.93, after gaining 0.44 a day earlier. Pollution and shipbuilding shares led the Dow Jones Global Industry Groups, while apparel and biotechnology issues were among the laggards. European Stock Market Indexes Market IndexSept. 5Change Belgium
