European shares edge higher, earnings support

  • Reuters
  • Stock Market News
European shares edge higher, earnings support

LONDON, Feb 28 (Reuters) - European shares edged higher on Tuesday after encouraging earnings releases, with Meggitt MGGT.L leading the market up after reporting a sharp rise in profits and Ferrovial FER.MC also advancing after results news.

The pan-European STOXX 600 index .STOXX was up 0.1 percent by 0837 GMT, while Britain's FTSE .FTSE was flat.

Shares in Meggitt surged 10.6 percent, making them the top gainers in the STOXX 600, after the British car and aeroplane parts maker posted a 13-percent rise in adjusted profits and raised its dividend payout. rose 4 percent after announcing results and saying that its order book last year was higher than in 2015. engineering group GKN GKN.L was up 3.3 percent after the company reported a 12-percent rise in adjusted pretax profit, beating market expectations, and said it would grow faster than both its main aerospace and autos markets in 2017. price comparison site Moneysupermarket.com MONY.L slumped nearly 10 percent, to be the biggest fallers in the STOXX 600, after results were not well received by investors.

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