European Indexes Finish Higher

Major market benchmarks each gained over 1% Tuesday


The FTSE 100 ended Tuesday's session with strong gains, as the mining and banking sectors led the way. Oil prices remained in focus on reports that OPEC is close to agreeing a small increase in its production at its Vienna meeting being held today. Locally, DSG (-0.2%) was a rare sore spot after a Morgan Stanley downgrade. NEXT (+4.25%) rose after interim pretax profit topped consensus. CAIRN ENERGY (+3.47%) unveiled a first half pretax profit of US$1.523 billion. The group said it will start a potentially high impact exploration drilling campaign in Bangladesh. WOLSELEY (+3.83%) announced a series of acquisitions. TESCO (+4.39%) advanced on the back of a broker upgrade. In the broader market, COBHAM (-5.27%) sales missed forecasts. PROVIDENT FINANCIAL (+0.52%) unveiled a 19.4% rise in first half profit. FRENCH CONNECTION's (unch.) first half loss narrowed to £2.5 million but the clothing retailer sees a challenging second half. JJB SPORTS (-14.2%) received a red card from investors after warning first half profit will fall below expectations. REDROW (+2.8%) reported flat fiscal profits and said forward sales are up 6.4%. COMPUTACENTER's (+11.25%) interim figures beat consensus. SKYEPHARMA (+1.56%) was boosted by new hopes for its asthma drug.

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