European stocks hover near record high as oil shares bounce

European stocks inched toward record levels on Wednesday, helped by energy and consumer stocks, while strong economic data from US and Europe buoyed investor sentiment.

The pan-European STOXX 600 index rose 0.4 per cent in early trading, after touching a record high in the previous session.

The Iseq index in Dublin opened 0.1 per cent lower with the FTSE 100 up 0.35 per cent. The Dax gained 0.1 per cent while the CAC 40 down 0.5 per cent

A strong expansion in US and European factory activity in May lifted world shares to record highs on Tuesday, with investors looking to US jobs data on Friday for confirmation of a solid recovery in the world’s largest economy.

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Oil and gas stocks rose 1.1 per cent to lead sectoral gains in Europe as crude prices extended gains after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July.

Swedish truckmaker Volvo rose 2.7 per cent as its board is proposing that the proceeds from the sale of UD Trucks be distributed to shareholders.

Danish luxury TV and stereo maker Bang & Olufsen jumped 11.9 per cent after providing an upbeat earnings forecast for full-year.

- Reuters