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European stocks open higher on oil rebound; Dax up 0.14%
Published May 05, 2016 03:30AM ET
© Reuters. European stocks rise amid higher oil prices, fresh earnings reports
Investing.com - European stocks opened higher on Thursday, as rising oil prices lent support to the energy sector and as investors focused on a fresh batch of corporate earnings reports.
During European morning trade, the EURO STOXX 50 rose 0.36%, France’s CAC 40 inched 0.05% higher, while Germany’s DAX 30 edged up 0.14%.
Oil prices moved higher on Thursday, as a wildfire in Northern Alberta, Canada disrupted the country’s oil production.
Energy stocks were broadly higher, as French oil and gas major Total SA (PA:TOTF) gained 0.81% and Italy’s ENI (MI:ENI) SpA surged 2.16%, while Norwegian rival Statoil ASA added 0.29%.
Financial stocks added to gains, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) climbed 0.41% and 0.88%, while Germany’s Deutsche Bank (DE:DBKGn) edged up 0.07%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.37% and 2.71% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) rallied 0.91% and 1.77%.
In earnings news, Ferrovial reported a 7.4% slip in core profit from a year ago, but shares in the Spanish infrastructure company still edged up 0.14%.
Elsewhere, Bayer AG (DE:BAYGN) climbed 0.51% after saying that its Regorafenib cancer treatment drug helped extend the lives of liver cancer sufferers according to the results of a Phase III clinical trial.
In London, FTSE 100 rose 0.21%, led by BT Group (LON:BT), whose shares soared 2.98% after the holding company reported a 6% rise in full-year revenue.
Mining stocks were also broadly higher in the commodity-heavy index. Shares in Rio Tinto (LON:RIO) climbed 0.57% and Anglo American (LON:AAL) jumped 1.10%, while Glencore (LON:GLEN) and Bhp Billiton (LON:BLT) rallied 1.74% and 1.84% respectively.
Financial stocks added to gains, with the Royal Bank of Scotland (LON:RBS) inching up 0.01% and Barclays (LON:BARC) adding 0.28%, while Lloyds Banking (LON:LLOY) rose 0.32% and HSBC Holdings (LON:HSBA) advanced 0.49%.
Meanwhile, Morrison Supermarkets reported a 0.7% increase in like-for-like sales in the 13 weeks to May 1, sending shares up 0.32%.
On the downside, The Sage Group (LON:SGE) plummeted 2.65% after the software company posted a 15.6% year-on-year drop in pretax profit for the half year ending March 31.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.36% gain, S&P 500 futures a 0.37% increase, while the Nasdaq 100 futures indicated a 0.45% climb.
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