Earnings fail to boost European shares

EUROPEAN shares ended little changed yesterday as losses among commodity stocks more than offset initial gains due to a series of well-received trading updates.

The pan-European STOXX 600 index ended flat, while eurozone stocks added 0.3pc as the euro gave up some of its strength against the dollar.

In Ireland, the Iseq closed at 7,066.95, down 0.36pc. Aryzta was among the few big Dublin movers, with shares down just over 4pc.

Elsewhere, fashion house Hugo Boss was among the biggest gainers in Europe, up 3.7pc, after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the United States.

“This confirms our view that the group’s implemented restructuring and self-help measures are showing gradual operating improvements and this is leading to better momentum,” Baader Helvea analysts said.

Peugeot-brand owner PSA Group rose 1.8pc after reporting a 15.4pc jump in worldwide sales for 2017.

Engie also gained, rising 1.2pc after the French utility said it hoped to improve earnings growth in its core businesses of renewable energy, grids and energy services this year. Core earnings rose an estimated 5pc in 2017.

UK midcap JD Sports Fashion jumped 6.7pc after Britain’s largest sportswear retailer by market value forecast annual pre-tax profit ahead of market expectations.

Doorstep lender Provident Financial however fell 12.6pc after it said it expected to report a loss of about £120m its consumer credit division – the upper end of its guidance.

Among sectors, miners and oil stocks both fell 1.4pc and 1pc respectively, leading sectoral losers in Europe as metal prices eased.