European stocks posted their longest stretch of gains since February as stocks in the utility sector rallied, but the upward momentum on the day was far from spectacular, with the FTSE 100 in London closing unchanged after swinging from gains to losses. Investors were reluctant to place strong bets on equities before a crucial vote in Greece on its proposed new bailout package. DUBLIN The Iseq index added 0.3 per cent. Building materials group CRH, the index's largest stock, rose 0.8 per cent to €26.55. In the US, one of its key markets, politicians have proposed an $8 billion plan to extend funding for highway construction.
Paper and packaging group Smurfit Kappa gained 4.4 per cent on modest trading volumes, closing the session at a price of €27.90, while food group Kerry was also a climber, finishing up 1.4 per cent at €69.17.
Aer Lingus rose 0.7 per cent to €2.49 as investors digested news that the European Commission has, as expected, approved IAG's acquisition of the airline conditional on certain commitments.
Ryanair, which may bid for Gatwick slots that IAG / Aer Lingus must release to satisfy regulators, finished at €12.72, down 0.3 per cent, while Bank of Ireland and insulation-maker Kingspan were also among the fallers. LONDON The FTSE 100 index closed flat on the previous day's level after a lacklustre afternoon that saw luxury goods maker Burberry group and energy stocks fall.
Burberry slid 2.7 per cent after saying Asian revenue declined. The company blamed a drop in sales in the high-margin Hong Kong market.
Building supplier Travis Perkins rose 2.8 per cent to 2,224 pence, and was the top gainer in the FTSE 100 index, after analysts at Berenberg raised its stance on the stock to "buy" from "hold" and increased its price target.
Mining giant Anglo American was a steady riser after a broker upgrade from Credit Suisse. Shares rose as much as 3 per cent, before easing to close at 874.4 pence. EUROPE The Stoxx Europe 600 Index added 0.4 per cent, with Electricite de France and Iberdrola climbing at least 1.7 per cent, pushing utilities to the best performance among 19 industry groups.
Germany’s Dax and France’s CAC 40 were marginally ahead of their opening level.
Swiss pesticide company Syngenta added 4.2 per cent on reports that investment manager Paulson and Co has taken a stake in the company in support of a takeover attempt by US agricultural biotech giant Monsanto.
ASML Holding, a Dutch lithography machine maker, advanced 4.4 per cent after the upper end of its third-quarter sales forecast exceeded analysts' estimates.
Auto stocks fell the most among Stoxx 600 groups after Credit Suisse Group warned of risks from China and Europe. Volkswagen and Continental both fell at least 1.5 per cent. NEW YORK Stocks in the US were little changed in early trading, after equities posted their longest winning streak since January. Federal Reserve chair Janet Yellen signalled the central bank remains on track to raise interest rates this year.
Bank of America advanced 3 per cent after its quarterly profit more than doubled. Cancer drug company Celgene jumped 8.3 per cent to a record after raising its annual profit forecast, and agreeing to acquire biotech firm Receptos for $7.2 billion. Receptos soared 10 per cent.
Yum! Brands, the owner of KFC, Taco Bell and Pizza Hut, sank 2.5 per cent as quarterly sales missed analysts' estimates.Macy's jumped 6.7 per cent, the most in 18 months, after Starboard Value chief executive Jeff Smith said his activist investing firm has taken a position in the retailer. – (Additional reporting: Bloomberg/Reuters)
