LONDON, Aug 8: European stock markets climbed on Monday, as strong earnings by the British-based bank Standard Chartered and an upbeat insurance sector helped London shrug off record high oil prices. The London FTSE 100 index rose 0.56 per cent to 5,344.3 points, the Frankfurt DAX 30 gained 0.22 per cent to 4,837.36 points and in Paris the CAC 40 won 0.44 per cent to 4,441.01.
The DJ Euro Stoxx 50 index of leading eurozone shares advanced 0.63 per cent to 3,292.41 points.
As European markets closed, the Dow Jones Industrial Average had added 0.14 per cent to 10,573.06 points in New York, while the tech-heavy Nasdaq index slipped 0.09 per cent to 2,175.93.
Shares in BP shot up by 1.88 per cent to 649.50 pence, while Royal Dutch Shell A shares gained 0.62 per cent to 1,796 pence. In Paris, shares in the French major Total jumped by 1.31 per cent to 208.70 euros.
The Britain-based emerging markets bank Standard Chartered was also out in front, leaping 7.64 per cent to 1,211 pence after posting a 20 per cent increase in pre-tax profits for the first six months of 2005, beating analysts’ forecasts.
The bank said pre-tax profits rose to $1.333 billion during the six months to June 30, compared with $1.107 billion over the same period in 2004.
Insurers were higher as well, on positive comment from Swiss broker CSFB ahead of a batch of key earnings due later in the week.
Aviva gained 0.47 per cent to 645 pence after CSFB reiterated its ‘outperform’ stance and 694 pence target for the British insurer ahead of the company’s first-half earnings on Thursday.
In Asia, Tokyo’s benchmark Nikkei-225 index closed 0.11 per cent higher at 11,778.98 points after parliament’s expected rejection of Prime Minister Junichiro Koizumi’s postal reforms, dealers said.
Hong Kong’s key Hang Seng Index closed 0.38 percent higher at 15,108.94 points.—AFP
