European shares gaining on corporate results and banks (Reuters)  (21-02-2008)

LONDON, Feb 21 (Reuters) - European shares were adding to the previous session’s gains on Thursday, supported by Nestle and Reed Elsevier's results as well as overnight gains in U.S. and Asian markets. The lack of negative earnings surprises helped banks.

By 1200 GMT the FTSEurofirst 300 index of top European shares was up 1.9 percent to 1,345.5 points, after having fallen by more than 1 percent the day before. Advancing issues outnumbered decliners by 8 to one.

In the turmoil-ridden banking sector Société Générale shares were flat after gaining in earlier trade. France's second-biggest listed bank posted a record fourth-quarter loss in line with its forecast after earnings were hit by its previously announced $7 billion trading loss. Royal Bank of Scotland, BNP Paribas and Deutsche Bank were up between 1.9 and 3 percent.

The U.K.'s FTSE 100 index rose 1.6% to 5,989.20, while the German DAX 30 index advanced 1.6% to 7,007.91 and the French CAC-40 index climbed 1.5% to 4,884.92.

Source: Reuters