AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

A rally in European shares extended for a second day on Wednesday thanks to gains in trade-sensitive mining and autos stocks as investors saw a China-US trade war approaching its endgame. The STOXX 600 and leading euro zone stocks both rose 0.3 percent to two-week highs with sentiment buoyed by hopes that the United States and China will return to the negotiating table after the latest tariff round.
Washington and Beijing both announced fresh tariffs on reciprocal imports this week, though the measures were less severe than initially expected, bolstering hopes of a deal. "Our base-case scenario sees both parties negotiating a settlement in the next 6-9 months," Credit Suisse strategists said in their daily note to clients.
Caution however remained, with some investors still wary that US President Donald Trump could seek to extend tariffs to all Chinese imports. Earlier on Wednesday, Chinese Premier Li Keqiang said his country would not engage in competitive currency devaluation and would not weaken the yuan to boost exports.
Basic materials were the biggest sectoral gainer, up 3.1 percent, after copper prices rose sharply as investors shrugged off the risks of an escalation of the US-China trade row. It was the sector's best day in two months.
Heavyweight miners Antofagasta and Anglo American rose 5.9 percent and 5.1 percent respectively. Financials also provided support, although Danske Bank fell 3.4 percent following the resignation of its CEO and an updated on a money laundering probe that prompted the bank to cut its full-year outlook.
Progress in the planned merger between Linde and Praxair drove shares in the German industrial gases group up 7.8 percent, a top STOXX gainer. A source said Linde was set to sell additional assets to a consortium of Messer Group GmbH and CVC Capital Partners for about $200 million, moving closer to US antitrust approval for the deal.
Belgian biopharma firm Argenx sank 11.8 percent to the bottom of the STOXX 600 after a share offering. Argenx offered 3.5 million American Depositary Shares at a 0.9 percent discount to Tuesday's close, for a gross raise of $300 million.
Elsewhere earnings updates drove share price moves. Adecco fell 6.2 percent after the world's largest staffing firm said it has seen a slowdown in growth so far in the third quarter. Its fall also weighed Dutch peer Randstad down 5.1 percent.
RBC Capital said Adecco's slowdown was bad news but added that the stock's valuation was cheap and that the company's end markets remained relatively robust. Kingfisher reported a 15 percent fall in half-year profits, sending its shares down 6.3 percent.
A solid update however lifted German automotive parts maker Schaeffler up 3 percent. The company kept its guidance for overall sales this year thanks to stronger orders at its industrial division. Its gains helped the autos sector, which has been penalised this year by growing trade concerns, rise 1.5 percent.

Copyright Reuters, 2018

Comments

Comments are closed.