* FTSEurofirst 300 up 0.8 pct, Euro STOXX 50 up 0.9 pct
* Infineon, Nokia lead tech share rally after good results
* Better numbers also boost D. Bank, Statoil
* Ukraine crisis keeps traders on edge
By Francesco Canepa
LONDON, April 29 European shares rose on
Tuesday, led by tech stocks as estimate-topping results from
chipmaker Infineon and telecommunication gear maker
Nokia brightened the outlook for the sector.
Infineon and Nokia were among the top risers on the
pan-European FTSEurofirst 300 index after they reported
quarterly earnings boosted respectively by demand from
automotive and industrial customers and by software deals.
"Infineon's results reflect healthy conditions in the
automotive markets as well as good management execution," said
Guenther Hollfelder, an analyst at Baader Bank.
While demand drivers vary between different companies, Nokia
and Infineon's strong numbers helped improve sentiment around
the sector as a whole, which had been dented by weak updates
from ASML, Ericsson and SAP
earlier this month.
The STOXX Europe 600 Tech index was up 1.8 percent
at 1026 GMT, outpacing all other sector indexes. Telecom
equipment makers Alcatel Lucent added 2.6 percent.
Over the previous week, tech shares' earnings forecasts for
the next 12 months had been cut by 0.8 percent, the steepest
pace of downgrade of all sectors and nearly three times the
market average at 0.3 percent.
Upbeat results by heavyweights such as Norwegian oil & gas
group Statoil and Germany's largest lender Deutsche
Bank also boosted the broader market.
They more than outweighed disappointing figures from Swiss
engineering group ABB, which posted an unexpected fall
in first-quarter profit due to weak power system orders, and
from Swedish hygiene and paper products maker SCA,
whose earnings rose slightly less than expected.
The pan-European FTSEurofirst 300 index, was 0.8
percent higher at 1,346.34 points. The euro zone Euro STOXX 50
was up 0.9 percent at 3,193.16 points.
France's Cac 40 index was a slight laggard, rising
0.5 percent after heavyweight pharma group Sanofy
reported lower than expected profits, sending its shares down
"NO NASTY SURPRISES"
Overall, Europe's earnings season has been mixed so far.
About 22 percent of companies listed on the STOXX Europe 600
index reported quarterly results through April 28, with
55 percent having beaten or met analysts' expectations.
"We haven't had any nasty surprises in earnings so far,
which is good news for the market, although we're still far from
a genuine rebound in profits that everyone is hoping for this
year," a Paris-based trader said.
Tensions between Western powers and Russia over Ukraine kept
traders on edge, with investors fearing further costly
cross-sanctions after those imposed by the United States on
several Russian individuals and companies on Monday.
European indexes have struggled to make much headway since
hitting multi-year highs earlier this month but charts on the
Euro STOXX 50 showed the index was likely to surge after this
period of lull, according to Philippe Delabarre, a technical
analyst at Trading Central.
He highlighted a symmetrical triangle on the index, a
pattern formed by two converging lines which connect a series of
sequentially lower peaks and higher troughs. Once the price
breaches one of these lines, a sharp movement often follows.
"We still believe the symmetrical triangle, a bullish
continuation pattern, is the main pattern to trade," Delabarre
said. "Therefore, as long as the triangle's basis at 2,970 is a
support threshold, our target is 3,440, corresponding to the
overlap between the March 2008 low and August 2008 high."
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Additional reporting by Blaise Robinson in Paris; Editing by