EUROPE MARKETS: European Stocks Finish Higher For The Day And Week
February 17 2017 - 11:35AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Strategist: 'Broader uptrend is intact'
European stocks ended slightly higher Friday, as big gains for
Unilever PLC and Essentra PLC helped offset drops by Dutch storage
company Royal Vopak NV and German insurer Allianz SE.
The Stoxx Europe 600 inched up less than 0.1% to close at
370.22, leaving the index with a 0.8% gain for the week. On
Thursday, the pan-European benchmark lost 0.4%
(http://www.marketwatch.com/story/european-stocks-snap-7-day-winning-streak-as-nestle-banks-fall-2017-02-16),
closing lower for the first time in eight sessions.
Analysts have been sounding upbeat about European equities after
the Stoxx 600 logged its highest close since December 2015 on
Wednesday
(http://www.marketwatch.com/story/european-stocks-stomp-toward-highest-close-since-2015-as-banks-rally-2017-02-15).
"The broader uptrend is intact thanks to renewed optimism about
the global growth outlook and supportive bottom-up corporate
earnings," said Ian Williams, a Peel Hunt strategist, in a note
Friday.
Shares in Anglo-Dutch consumer-products giant Unilever PLC
(ULVR.LN) (UNA.AE) (ULVR.LN) soared 13%, powered by U.S.
packaged-foods heavyweight Kraft Heinz Co. (KHC) announcing that it
made a merger proposal
(http://www.marketwatch.com/story/kraft-heinz-makes-143-billion-unsolicited-merger-bid-for-unilever-2017-02-17)
to Unilever that was declined.
Essentra PLC (ESNT.LN) finished 15% higher, even as the U.K.
plastic and fiber products maker swung to a full-year pretax loss
(https://www.wsj.com/articles/DN-CO-20170217-001270) and cautioned
that business conditions have worsened.
On the downside, shares in Royal Vopak (VPK.AE) slumped 7% after
the provider of storage for the oil and chemicals industries said
2017 earnings before interest, tax, depreciation and amortization
"will not exceed the 2016 result
(https://globenewswire.com/news-release/2017/02/17/918341/0/en/Vopak-reports-on-2016-and-sets-direction-towards-growth-and-productivity-improvement.html)."
The stock was the Stoxx 600's biggest decliner.
On the economic-data front, the eurozone's current account
surplus narrowed in December from an all-time high the previous
month, data from the European Central Bank showed Friday
(http://www.marketwatch.com/story/eurozone-current-account-surplus-narrows-in-dec-2017-02-17).
Investors on Friday also digested U.S. President Donald Trump's
lengthy press conference
(http://www.marketwatch.com/story/trump-attacks-media-during-lengthy-press-conference-2017-02-16)
on Thursday, in which he said he "inherited a mess" at home and
abroad, and blasted the news media.
(http://projects.marketwatch.com/2017/trump-today-signup/)
National indexes: The U.K.'s FTSE 100 index added 0.3% to end at
7,299.96.
France's CAC 40 index fell 0.7% to close at 4,867.58, while
Germany's DAX 30 was roughly flat at 11,757.02.
Other movers: Segro PLC (SGRO.LN) gained 3.2%. The U.K.-based
real estate trust that owns warehouses posted a drop in 2016 pretax
profit, but said demand is holding up and hiked its dividend
(http://www.marketwatch.com/story/segro-says-demand-holding-up-hikes-dividend-2017-02-17).
Allianz SE (ALV.XE) closed 1.9% lower as a morning advance
evaporated. The rally had come as the German insurance company
raised its dividend, launched a buyback program and outlined the
continued recovery
(http://www.marketwatch.com/story/allianz-shares-rise-on-earnings-share-buyback-2017-02-17)
of its U.S. fund manager Pacific Investment Management Co., or
Pimco.
(END) Dow Jones Newswires
February 17, 2017 12:20 ET (17:20 GMT)
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