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Europe: Shares track commodity bounce; Beiersdorf leads after sales
[LONDON] European shares rebounded on Thursday, boosted by a bounce in mining and oil companies, as well as by strong results at retailer H&M and Nivea cream-maker Beiersdorf.
Markets were expected to remain volatile as investors reassessed global growth prospects amid a slowdown in areas such as the euro zone and China.
Shares in oil & gas and basic resources companies led the bounce, rising 2 per cent and 1.5 per cent respectively, after Brent crude staged a late recovery on Wednesday and copper climbed from its lowest level since January 2009.
Shares in Beiersdorf, up 5 per cent, were the top risers in Europe after it reported a rise in 2014 sales and confirmed its full-year profit target.
Hennes & Mauritz, the world's second-biggest fashion retailer, gained up 1.3 per cent after reporting bigger-than-expected rise in December sales.
The FTSEurofirst 300 index of top European shares was up 1.3 per cent at 1,372.13 points, recouping most of a 1.6 per cent drop on the previous day.
"I wouldn't put much trust in the bounce at the moment," Mark Ward, head of execution trading at Sanlam Securities UK, said.
"We're seeing very volatile markets and the rally seems to be struggling. It's just the uncertainty of the oil price and a stronger dollar isn't helping."