LONDON, Aug 24 (Reuters) - Gains by cyclical sectors helped push European stocks higher on Thursday, while heavy losses from Dixons Carphone after a profit warning dominated early trading.
Dixons Carphone DC.L shares plummeted up to 29 percent after the mobile phone retailer downgraded expectations for full-year profit, reflecting tougher conditions in the mobile market as customers hold on to handsets for longer Carphone was the worst-performing among European retail stocks .SXRP so far this year, even before today's decline wiped a third off its market value.
Results this quarter have seen investors punish companies that missed earnings expectations particularly harshly, analysts said.
Sunrise Communications SRCG.S also gained 4.3 percent after its second-quarter net income more than doubled and Berenberg raised the stock to a "buy". British sub-prime lender Provident Financial PFG.L recovered slightly from its sharp falls earlier in the week, up 2.7 percent.
Simcorp SIM.CO dropped 13 percent, making it one of the worst-performing European stocks, after its second-quarter results missed expectations earnings season in Europe was drawing to a close, with almost nine of 10 MSCI Europe companies having reported.
So far, 55 percent of results have beat forecasts and 39 percent have missed. By comparison, more than two-thirds of companies reporting in the United States topped expectations.
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