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European shares rise on Greek optimism
by hlk on Thu 09 Feb 2012, 18:08
LONDON (Feb 9): European shares inched higher on Thursday as investors bet on a positive outcome to Greek reform talks
needed for a fresh bailout, while Norway's biggest bank DNB featured among the top movers after strong results.
DNB jumped 4.1 percent after its bottom line results beat forecasts, however, overall earnings showed a mixed picture and
ING was the worst performer, down 4.3 percent after it made a bigger-than-expected loss in its insurance operations.
"DNB numbers were good as people were fearing the bank would have to undergo more capital raising, but now that does
not look like that will be the case," said Andrea Williams, who manages $2.1 billion in assets for Royal London Asset
Management. "We favour DNB."
"But overall a lot of the numbers today, like ING, have been bad. We have to be wary about the gains as there is still so much
in the background."
At 0811 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,072.88. - Reuters
needed for a fresh bailout, while Norway's biggest bank DNB featured among the top movers after strong results.
DNB jumped 4.1 percent after its bottom line results beat forecasts, however, overall earnings showed a mixed picture and
ING was the worst performer, down 4.3 percent after it made a bigger-than-expected loss in its insurance operations.
"DNB numbers were good as people were fearing the bank would have to undergo more capital raising, but now that does
not look like that will be the case," said Andrea Williams, who manages $2.1 billion in assets for Royal London Asset
Management. "We favour DNB."
"But overall a lot of the numbers today, like ING, have been bad. We have to be wary about the gains as there is still so much
in the background."
At 0811 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,072.88. - Reuters
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