European shares hit one-month high as banks, Sodexho shine
Reuters
Published Nov 08, 2018 09:10
Updated Nov 08, 2018 09:20
European shares hit one-month high as banks, Sodexho shine
LONDON (Reuters) - European shares rallied to one-month highs on Thursday, extending gains following the U.S. midterm elections, as strong results from SocGen and Commerzbank and France's Sodexho soothed concerns about slowing corporate earnings.
The pan-European STOXX 600 (STOXX) was up 0.6 percent at 0854 GMT, extending the previous session's gains and after hitting its highest since Oct. 10.
The leading index of euro zone stocks (STOXX50E) rose 0.4 percent with Germany's DAX (GDAXI) up 0.4 percent and France's CAC 40 (FCHI) 0.4 percent higher.
The banking and insurance indexes (SX7P) (SXIP) were among the top performing sectors, each up 1.1 percent, with travel and leisure (SXTP) flying high after Sodexo's (PA:EXHO) better-than-expected revenue. [nL8N1XJ2WG]
Shares in the world's second-biggest catering company jumped 6 percent to their highest since March and on track for their best day since July.
Italy's third-largest lender Banco BPM (MI:BAMI) jumped 7.6 percent after its third-quarter net profit beat forecasts thanks to lower costs and an asset sale that helped offset flat fees and falling interest income.
Commerzbank (DE:CBKG) and SocGen (PA:SOGN) were up 4.6 percent and 4 percent respectively after solid earnings updates. [nL8N1XJ15V] [nL8N1XJ121]
It wasn't all good news though. Shares of broadcaster ProSiebenSat.1 (DE:PSMGn) plunged 17 percent to the bottom of the STOXX 600, hitting lowest level in more than six years after cutting its dividend and warning on its full-year outlook. [nL8N1XJ2R9]
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Written By: Reuters
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