LONDON, April 30 European equities gained on
Tuesday, bolstered by string of forecast-beating results and by
expectations of more central bank stimulus - a key factor behind
the 11-month long run of stock market gains.
BP gained 3.1 percent after a strong performance in
the oil major's trading division lifted profits.
Banks, however, were the best performing sector
after UBS, Deutsche Bank and Lloyds
all beat forecasts for first-quarter results.
"Due to lower loan provisions, banks are actually able to
beat expectations on earnings. Now we are on a path where the
profitability of global banks is improving," said Peter Garnry,
head of equity strategy at Saxo Bank.
"I would expect financials to do well this quarter, probably
... the best sector, and also to do well next quarter."
Banks added 0.9 points to the pan-European FTSEurofirst 300
index, which was up 0.5 percent at 1,208.50 points by
0704 GMT, taking its April gains to 1.6 percent and heading for
an 11th consecutive monthly rise.