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European shares rose on Thursday helped by good-looking results from companies, including insurance heavyweights Munich Re and Generali, while Societe Generale fell after its deputy CEO unexpectedly quit.
SocGen shares were down 3 per cent, leading losers in Paris, after the bank said Didier Valet was leaving following “a divergence of approaches regarding management of a specific legal matter”.
Gains in the insurance sector however helped push the pan-European STOXX 600 index up 0.2 per cent by 0844 GMT.
Munich Re rose 1.4 per cent after the world's largest reinsurer raises its 2018 profit forecasts and said it plans to buy back €1 billion in shares. Generali also rose more than 1 per cent after it raised its dividend following record operating profit.
Top gainer on the STOXX was British valve maker Spirax-Sarco Engineering , up 4.5 per cent after it reported better-than-expected full-year revenues and profit.
Swedish clothing firm H&M however published lower-than-expected quarterly sales and its shares lost 4.8 per cent. Dufry shares fell 5.9 percent after results with traders attributing the drop to a lack of clarity on its dividend plans.
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