European markets advance modestly on miners (MarketWatch) (10-03-2010)

LONDON (MarketWatch) -- European shares continued this week's muted moves on Wednesday, although gains in the mining sector helped limit the downside.

On a regional level, the U.K. FTSE 100 index traded up 0.2% at 5,612.74, the German DAX index traded up 0.3% at 5,901.93 and the French CAC-40 index edged up 0.4% to 3,924.28.

In the European banking sector on Wednesday, Barclays shares were down 0.9%. The Wall Street Journal reported Tuesday that the lender is considering another major acquisition in the U.S. and is hunting for a retail bank.

Meanwhile Tullett Prebon shares soared 19% after the inter-dealer broker said it's in talks over a potential takeover. It didn't name the suitor. SIX:CH:RUKN) declined 0.4% after it provisionally estimated that it will lose $500 million before tax from the Chile earthquake, and that the insurance sector as a whole will lose between $4 billion and $7 billion.

Fortis (shares were up 2.9%. The insurer swung to a second-half profit of 207 million euros from a loss of 635 million euros a year earlier as the group announced plans to change its name to ageas.

In other sectors, French auto parts group Valeo jumped 6.5% after saying said it's targeting a return on capital employed of nearly 30% by 2013, with sales of around 10 billion euros in 2013 and an operating margin level of 6% to 7%.

Source: MarketWatch