News Column

European Stocks Post Modest Gains Despite Downbeat German Data

June 24, 2014

BRUSSELS (Alliance News) - European stocks inched higher on Tuesday, taking back losses from the previous session despite some mixed economic data.

German business confidence dropped to the lowest level this year, but dovish comments from Bank of England Governor Mark Carney put a bottom under stock prices.

Euro Stoxx 50 index of eurozone bluechip stocks rose 0.29%.

The German DAX added 0.17% and the UK'sFTSE 100 slipped 0.20%. Switzerland's SMI and the French CAC 40 were up fractionally.

Syngenta jumped 5.8% in ZÜrich. Bloomberg reported that US-based Monsanto had explored a USD34 billion takeover of the Swiss crop chemicals firm. The talks are said to have collapsed in late May, amid concerns about the strategic fit and antitrust issues.

News and support services firm Wirecard is gained 1.4%. Kepler Cheuvreux initiated the stock with a ''Buy'' rating.

In Paris, Alcatel Lucent, which announced a tender offer to buy back some securities, fell 1.9%.

Croda International dropped 8%. The specialty chemicals firm said pre-tax profits for the year are now expected to come in below those attained in 2013.

Chemring Group lost 8.3%. The military equipment maker trimmed its interim dividend, after reporting a wider loss for its first half.

Imagination Technologies rose 7.4%. The firm reported higher annual revenues, adding that it remains confident to deliver continued progress.

Altice, which is issuing new shares, lost 3.7% in Amsterdam.

In economic news, an Ifo survey said business sentiment in Germany fell to 109.7 in June from 110.4 in May. Economists had forecast the reading to drop marginally to 110.3. Current conditions remained unchanged at 114.8 in June, while it was forecast to rise to 115.

Meanwhile, Bank of England Governor Carney told British lawmakers that any increase in the base interest rate will be "limited and gradual".

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Source: Alliance News

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