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European shares extend rally as oil stocks climb higher

Reuters  |  LONDON 

(Reuters) - European shares edged higher on Tuesday as global markets extended their recovery rally with investors putting trade war worries on the back burner for now as attention turned to a corporate earnings season expected to deliver solid results.

The pan-European 600 index rose 0.1 percent by 0730 GMT, set for its sixth straight day of gains as strong commodities sectors continued to support the market.

were the biggest boost to the index, up 0.9 percent as crude prices climbed on concerns over potential supply shortages.

Disappointing results caused some of the most eye-catching falls in early trading.

Shares in interdealer sank as much as 30 percent, hitting a two-year low after the firm announced its would depart and cut its synergy targets for 2019, blaming Brexit-related costs.

shares fell 2.3 percent after the company said its 2018 pre-tax loss would exceed current market consensus, reporting first-half earnings dented by bigger investment spending.

Among notable gainers, firm topped the with a 3.8 percent gain after analysts raised the stock to buy from hold.

Shares in German maker rose 4.5 percent after the firm scored its biggest ever single contract, for a 595 megawatt order in

Biotech and pharma shares rose as M&A and drug trial results boosted some small-cap names in the sector.

UK firm soared 28 percent to the top of the small-cap index after saying it received a $536 million takeover offer from

Switzerland-listed biotech firm jumped 37 percent after positive trial results for its acne treatment cream Winlevi.

(Reporting by Helen Reid, Editing by Kit Rees)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 13:35 IST
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