UPDATE 2-European shares score second week of gains

  • Reuters
  • Stock Market News
UPDATE 2-European shares score second week of gains
Credit: © Reuters.

* STOXX up 0.2 pct

* Altran plummets as U.S. forgery revealed

* Belgian telcos spooked by possible 4th operator

* Hays jumps 5 pct after strong results (Adds closing prices, details)

By Julien Ponthus and Danilo Masoni

LONDON, July 13 (Reuters) - European shares rose on Friday, scoring their second week of gains as fears of a full-blown trade war were kept in check and optimism about the next corporate earnings season grew.

The pan-regional STOXX 600 .STOXX index rose 0.2 percent supported by a broad range of sectors, from industrials to technology, bringing its weekly gain to 0.8 percent.

Euro zone stocks blue chips .STOXX50E rose 0.3 percent.

UniCredit strategist Christian Stocker said the European equity markets had the potential to gain up to five percent over the next few weeks as the earnings outlook was strong.

"However, the further development of the US/China trade dispute is likely to remain a Sword of Damocles for the equity market," he said in a note.

Altran Technologies ALTT.PA tumbled 28 percent after the French technology consultancy said it had discovered a case of forged purchase orders within its recently acquired U.S. design and engineering services firm Aricent. forgery "relates to one individual, in his relation with one client" for an amount of $10 million, Altran said, adding that an investigation into Aricent's internal control procedures had been launched.

British recruitment company Hays HAYS.L rose 8.6 percent rise after saying it expected full-year operating profit to exceed market expectations. the other hand, Switzerland's GAM Holding GAMH.S fell about 15 percent as it said it would take an impairment charge of around 59 million Swiss francs ($59 million) related to its 2016 acquisition of British hedge fund Cantab Capital Partners.

Still in the financial sector, shares in Norwegian insurance group Gjensidige GJFS.OL fell 10 percent after its second-quarter results disappointed.

Belgian telecom companies also suffered as the government considers allowing a fourth mobile phone operator to enter the market.

Telenet TNET.BR , Proximus PROX.BR and Orange Belgium OBEL.BR fell 5.1 percent, 1.8 percent and 3.9 percent respectively. ($1 = 1.0037 Swiss francs) (Writing by Julien Ponthus and Danilo Masoni; Editing by Kevin Liffey, Susan Fenton, William Maclean)

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search