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European shares hit 1-month closing high on results

Published 07/16/2009, 11:44 AM
Updated 07/16/2009, 11:48 AM
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LONDON, July 16 (Reuters) - European shares hit a one-month closing high on Thursday on improved sentiment following a jump in JPMorgan Chase's profits and data showing the number of U.S. workers claiming new jobless benefits fell last week.

The FTSEurofirst 300 index of top European shares provisionally ended 0.5 percent higher at 867.67 points, the highest close since June 12 and a positive finish for a fourth straight session.

Financial stocks were among top gainers as investors flocked to the shares after reassuring quarterly results from Goldman Sachs on Tuesday and a 36 percent jump in JPMorgan's second-quarter profit reported on Thursday.

"The results have given support to the market and provided investors a view that there is life after death," said Andrew Bell, head of research at Rensburg Sheppards.

HSBC, Barclays, Lloyds, BNP Paribas and Societe Generale jumped 0.5-3.2 percent.

Drugmakers were also in demand. AstraZeneca, GlaxoSmithKline , Novartis, Novo Nordisk, Roche Holding, Sanofi-Aventis and Shire advanced 0.7-3.1 percent.

Across Europe, UK's FTSE 100 index, Germany's DAX and France's CAC 40 were up 0.4-0.9 percent. (Reporting by Atul Prakash; Editing by Greg Mahlich)

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