European shares boosted by Shell earnings

| Updated on: Nov 01, 2016
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European shares rose on Tuesday and were on track to snap a six-session losing streak with Shell providing the biggest boost to the index following forecast-beating results.

Royal Dutch Shell rose 3.7 per cent after the oil major reported an 18 per cent rise in underlying net profit, beating analysts forecasts and saying that next year’s capital spend will be at the bottom end of the expected range.

The move in Shell contrasted with BP , which was down 1 per cent. While BP’s underlying replacement cost profit, the company’s definition of net income, beat expectations, traders said the beat was largely on the back of a one-off tax credit while upstream results came in below forecasts.

In all, the STOXX Europe 600 was up 0.4 per cent, after falling 1.1 per cent in October.

Moneysupermarket Group was the top riser, up 7.8 per cent and set for its best day in three years after the price comparison site reported results.

Tyre maker Nokian and consumer goods firm Orkla also rose after earnings and were up 5.8 per cent and 4.4 per cent, respectively.

Published on January 15, 2018

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