European shares edged back on Thursday after a strong rally in the previous session, though there were strong gains from Britain's Melrose and Norway's Subsea after well-received results. The pan-European STOXX 600 index was down 0.1 percent. Utilities stocks were the top gainers while real estate stocks were the biggest losers. The European earnings season was moving into its latter stages with figures having impressed so far.
British mid-cap engineering turnaround specialist Melrose Industries was the top gainer and hit a record high, last up 13.5 percent, after its full-year revenue more than tripled, helped by its acquisition of US ventilation maker Nortek Industries.
Subsea 7, the Norwegian oil services company, was up 11.5 percent after it posted a fourth-quarter earnings beat and said it would pay a special dividend.
The firm had been a short selling target, with 8.8 percent of it shares outstanding on loan according to IHS Markit, though this number diminished 10 percent in the past month.
Engie, the French gas and power company, was the top CAC 40 gainer, up 6.2 percent.
British outsourcing firm Capita sank to the bottom of the STOXX, down 7.3 percent after posting disappointing results and announcing its CEO's departure.
British housebuilder Travis Perkins was a top European faller after it posted a decline in profit due to weak performance in its plumbing and heating business.
Italian eyewear maker Luxottica, in focus due to its mega-merger with French lens maker Essilor, was down 3.2 percent, the FTSE MIB top faller after it posted a slight drop in profit for 2016 after market close on Wednesday.
The world's largest provider of temporary staff Adecco was among top fallers, down 3.9 percent despite reporting better-than-expected fourth-quarter earnings.
Comments
Comments are closed for this article.