Economic news

European shares rise for 5th session

European stocks firmed on Thursday as a batch of corporate results rolled in with decline in BT while banks led the rise.

Photo: Reuters

The pan-European STOXX 600 was slightly higher at 392.55.

Germany’s DAX 30 index jumped 0.5% to 13,001.30, while France’s CAC 40 index ticked up 0.1% to 5,540.18. Britain's FTSE 100 index gained 0.1% to 7,672.80.

Shares in BT slumped 7.1% after reporting it was cutting 13,000 positions, the fresh attempt by Britain’s largest telecoms group to rebuild after an improper accounting practices.

RBS soared 5.5% after it agreed a $4.9bn (£3.6bn) penalty with the US Department of Justice.

UniCredit shares climbed 2.7% after it reported its strongest first-quarter result since 2007, exceeding predictions with a 1.1 billion euro net profit due to lower-than-expected loan losses.

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