Europe: Earnings push European shares higher

[LONDON] European shares rose on Wednesday led by mining stocks and financials on a heavy day for regional corporate results.

The pan-European STOXX 600 index was up 0.5 per cent. Britain's FTSE 100 was flat.

Norwegian insurer Storebrand was the best performing stock on the index, up 6.9 per cent to a nine-year high after forecast-beating earnings and the first dividend in six years was cheered by investors.

Shares of British asset manager Aberdeen Asset Management , which have struggled over the past two years, rose 4.5 per cent after RBC raised the stock to "sector perform" from"underperform".

Nordic stocks were among the worst-performing stocks, however, with Danish shipping and oil group AP Moeller-Maersk the top European faller, its shares down 6.2 per cent after it missed fourth-quarter profit forecasts and announced its chairman would step down.

Sweden's Handelsbanken dropped 4.3 per cent, headed for its worst daily losses in more than six months, after its profit and dividend missed forecasts.

REUTERS