Statoil helps European shares steady after results beat
LONDON, Feb 7 — European shares were little changed today, stabilising after sharp losses in the previous session, as strong updates from heavyweights including Statoil helped offset rising political concerns in the euro zone.
The Nordic oil group was among top risers in the pan-European FTSEurofirst 300 index, which was up 0.1 per cent at 0810 GMT, after reporting better-than-expected fourth-quarter results.
The euro zone Euro STOXX 50 was up 2.72 points, or 0.1 per cent at 2,617.35 points, retracing a fraction of the 33.86 points shed in the previous session as tensions among euro zone countries about the euro exchange rate rose.
The index was finding technical support after closing above 2,611 points, its May and September 2012 top in the previous session, in a sign some investors were still prepared to buy stocks on their dips.
“Investors are looking for things to be afraid of and at the moment you have political issues,” a German trader said.
“The correction is already 80-90 per cent over and some people are already buying on the dips.” — Reuters