The FTSE Eurofirst 300 added 0.8 percent on the session Wednesday to close at 1,547.93. The metals sector saw gains on an upgrade for ThyssenKrupp, while in the oil sector Total was up on a report of record earnings for 2006.
In the automobile manufacturing sector, DaimlerChrysler added 4.6 percent to €51.50 after it announced a three-year plan to return its US division to profitability.
Banks were mixed on earnings reports. Societe General dropped 1.6 percent to €137.30 when it said that net income in the fourth quarter barely missed expectations after earnings dropped in its French retail banking division. On the other hand, Commmerzbank added 0.6 percent to €32.05 on a report of record net profits and the announcement that it will raise its dividend by 50 percent. The German bank will also invest in its retail banking division.
In the oil sector, Total added 1.4 percent to €53.25. It raised its dividend by 15 percent after reporting that earnings were up 5 percent in 2006 to a record net €12.6 billion.
ThyssenKrupp added 6.6 percent to €38.79 on an upgraded target share price from Deutsche Bank. While raising the steel maker’s target from €41 to €43, the bank also repeated its “buy” recommendation. The upgrade also helped Arcelor-Mittal, up 2.8 percent to €37.31.