LONDON, July 19 (Reuters) - European shares soared to a
four-month high on Thursday as another string of
estimate-beating corporate results surprised investors who had
braced for a weak show.
Handset maker Nokia, short interest in which had
reached record level ahead of results, surged 12 percent to top
the European leaderboard after reporting a smaller-than-expected
French industrial connglomerate Alstom, Biotech
company Actelion, home appliances maker Electrolux
and AkzoNobel all reported strong results.
The FTSEurofirst 300 index provisionally closed up
1 percent at 1,063.73 points.
"It looks like it has been a decent start but overall I
suspect the season will be a miss (due to) the deterioration in
the macroeconomic environment over the past two or three
months," Daniel McCormack, a strategist with Macquarie, said.
"The rally we've had since June 4 has been driven by
defensives and I think that reflects lack of conviction on the
part of investors."