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European shares rebound as Lloyds and Seadrill rally

Thursday, February 25, 2016 - 16:19

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European shares rebounded on Thursday from losses earlier in the week, as some solid corporate results from the likes of Seadrill and British bank Lloyds lifted stock markets.

[LONDON] European shares rebounded on Thursday from losses earlier in the week, as some solid corporate results from the likes of Seadrill and British bank Lloyds lifted stock markets.

The pan-European FTSEurofirst 300 index, which had fallen around 4 per cent in the previous two sessions, rose 1.3 per cent.

Britain's FTSE 100 advanced 1.8 per cent, Germany's DAX rose 0.8 per cent while France's CAC climbed 1.4 per cent.

Lloyds surged 9.1 per cent after announcing a special dividend payment and higher profits, while shares in Seadrill also advanced 6.7 per cent as investors welcomed a refinancing plan at the rig company.

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However, Zodiac Aerospace slumped 24 per cent after announcing a profit warning.

According to Thomson Reuters StarMine data, 53 per cent of companies on the European STOXX 600 index have met or beaten market expectations with their fourth quarter results, while 47 per cent have missed market forecasts.

REUTERS

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