European stocks recovered from an early slide to turn higher on Wednesday after two days of losses. U.K. stocks outperformed as oil extended its relentless rally above $110 a barrel for the first time since mid-2014 on supply disruption fears.
The pan European Stoxx 600 edged up 0.2 percent to 443.40 in choppy trade after declining 2.4 percent in the previous session.
The German DAX and France’s CAC 40 index both rose about 0.2 percent while the U.K.’s FTSE 100 gained 0.7 percent.
BP plc surged 5 percent and Shell added 5.3 percent ahead of an OPEC meeting today to discuss production plans.
Miners Anglo American, Antofagasta and Glencore rallied 1-3 percent as prices of metals including nickel and aluminium rose following sanctions against Russia over its invasion of Ukraine.
Insurer Hiscox jumped 3.5 percent after it swung to a full-year pre-tax profit for 2021 and issued a positive outlook.
Housebuilder Persimmon surged 6 percent after it posted a 23 percent rise in annual profit.
Just Eat Takeaway rallied 2.6 percent after its annual revenues jumped by more than a third.
Finnish mobile game maker Next Games Oyj soared as much as 117 percent after Netflix, Inc. entered into a combination agreement to acquire the company.
Nokian Tyres plunged 6.2 percent on concerns about its Russian exposure.
Sweden’s Ericsson plummeted 11 percent after it emerged that disclosures it made to the U.S. Department of Justice about an internal investigation into conduct in Iraq were insufficient.
French pharma group Biomerieux slumped 11.5 percent after publishing a disappointing guidance for the year.
Market Analysis
European Shares Inch Higher In Choppy Trade
2022-03-02 10:23:41
