Pur Sruthi Shankar and Ambar Warik
(Reuters) – Strong volatility from giant companies, including BP and Société Générale, closed European shares at record levels on Tuesday, although gains were limited by concerns about the rising cases of the delta variant of the coronavirus and regulatory measures from China.
The FTSEurofirst 300 Index rose 0.28% to 1794 points, while the European STOXX 600 Index rose 0.2% to 465 points to close at a record high of 465.38 points.
Oil and gas stocks rose further, with BP advancing 5.6% after a dividend increase and share buybacks increased with a jump in quarterly earnings.
France’s Société Générale jumped 6.4% after raising its full-year profit forecast, while UK-listed Standard Chartered rose 1.0% after reporting higher-than-expected profits in the first half of the year.
Strong balance sheets and better economic readings brightened the outlook for European stocks this year, with further gains expected in economically sensitive sectors.
Travel and leisure stocks fell 2.6%, with the spread of a delta variable threatening further restrictions on mobility.
Tech stocks have been shaken as Chinese officials target video game makers. Shares of Dutch company Prosus, which owns stakes in Chinese tech giant Tencent, fell 6.9%, while video game companies Ubisoft and Embracer Group fell 5.0% and 3.7%, respectively.
The technology sector was also among the sectors that recorded the biggest declines, after German chip maker Infineon Technologies fell 0.4% due to massive outages in production.
In London, the FTSE rose 0.34% to 7,105 points.
In Frankfurt, the DAX index fell 0.09% to 15,555 points.
In Paris, the CAC 40 rose 0.72% to 6,723 points.
In Milan, the Ftse/Mib index rose 0.02% to 25,356 points.
In Madrid, the IBEX 35 index rose 0.16 percent to 8,772 points.
In Lisbon, the PSI20 rose 1.22% to 5,123 points.
(Pur Sruthi Shankar and Ambar Warik in Bengaluru)
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