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European shares at week high on results, data boost

Source : REUTERS
Last Updated: Wed, Feb 13, 2013 22:10 hrs

LONDON, Feb 13 (Reuters) - European equities rose on Wednesday, with key indexes breaking above the past week's consolidation range, boosted by a crop of upbeat corporate reports and easing concerns about the euro zone debt crisis.

Brewer Heineken and French vouchers and pre-paid cards group Edenred were among the top gainers after reporting 2012 results that were buoyed by their exposure to fast growing emerging markets.

Sentiment on Europe improved too, thanks to strong demand at an Italian bond auction - despite uncertainty surrounding next week's elections there - and euro zone factory output data that confirmed a slow recovery.

"You are seeing some slight economic optimism coming in, and that's why the market is going up. We are trying to make up what we lost last week," said Oliver Roth, head trader at Close Brothers Seydler.

The pan-European FTSEurofirst 300 provisionally closed up 0.3 percent at 1,165.43 points, its highest finish since the steep sell off on Feb. 4 on political concerns over Italian election and a Spanish corruption scandal.

Britain's FTSE 100 also added 0.3 percent, with the gains accelerating after it broke through January's peak to set 5-year highs. Germany's DAX was another strong performer , adding 0.6 percent to close above technical resistance of 7,700 points.



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