You are here

Europe: VW helps European shares climb to fresh 7-1/2 year highs

nabmpixchiam17315.jpg
European shares scaled new 7-1/2 year highs on Tuesday, boosted by gains in Volkswagen on the back of positive industry sales data and by UK retailer Sainsbury's after a trading update.

[LONDON] European shares scaled new 7-1/2 year highs on Tuesday, boosted by gains in Volkswagen on the back of positive industry sales data and by UK retailer Sainsbury's after a trading update.

Shares in Volkswagen rose 2.2 per cent after industry data showed new car registrations in Europe rose 7 per cent in February, with demand shifting from no-frills makes like Dacia toward mass market brands like VW.

Sainsbury's rose 2.3 per cent, with analysts saying its results, while showing a fifth straight quarter of declining underlying sales, were better than the market had feared.

The pan-European FTSEurofirst 300 index was up 0.2 per cent at 1,597.17 at 0810 GMT, hitting its highest level since late 2007.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes