European Indexes End Higher

A roundup of Wednesday's action in major European markets


The FTSE 100 closed higher with Wall Street in positive territory as three Dow components reported good quarterly numbers. WTI resumed its march higher, currently up US$0.88 at US$88.49/barrel amid fears of Turkish incursions into Iraqi-Kurdish territory. Among commodities, copper and tin prices fall. Further in the sector, RIO TINTO (-1.56%) drilled out a 30% rise in third quarter refined copper output, but mined copper fell 6%. UBS said the numbers were basically in line with expectations. M&A returned to spice up the beverage sector. Carlsberg and Heineken revealed they are in discussions regarding a joint cash bid for SCOTTISH & NEWCASTLE (+18.70%). The latter said the break-up bid was unwelcome. SABMILLER (+2.52%) and DIAGEO (+1.55%) gained. In company news, drinks group BRITVIC (+7.47%) said it is confident that fiscal profits will be within the range of current market expectations. AVIVA (-2.65%) said it is targeting £350 million of cost savings a year as a part of its plans to drive growth and unlock value. TATE & LYLE (+7.69%) sweetened up on reports that the EU is likely to approve the import of four GM crops. Panmure Gordon thinks this is a positive for the stock. BAE SYSTEMS (unch), BRITISH LAND (-1.39%) and SMITH & NEPHEW (+0.42%) traded ex-dividend.

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