LONDON, Nov 13 (Reuters) - European stock indexes closed
mixed on Tuesday as the impact of gains in telecom stocks
inspired by a raised outlook from Vodafone <VOD.L> were
countered by losses in the energy sector which tracked weakness
in oil prices.
Vodafone jumped 8 percent after the mobile phone group's
first half results topped consensus estimates, extending a
bullish sector view from robust results already announced by
Telefonica <TEF.MC> and France Telecom <FTE.PA>.
Total <TOTF.PA> fell 2.8 percent, BP <BP.L> 0.9 percent and
Royal Dutch Shell <RDSa.AS> 2.2 percent. U.S. crude oil prices
declined 2.9 percent to $91.9 a barrel.
The pan-European FTSEurofirst 300 index <.FTEU3> closed 0.3
percent stronger at a provisional 1,516.4, well above the
session's low of 1,498.5, while U.S. stocks also rose.
"It looks like a period of adjustment over the next 6-12
months, when the economy slows and we establish a valuation base
at a lower level," said Mark Bon, a European fund manager at
Canada Life.
The benchmark is still up 2 percent so far this year but
well short of a 15 percent gain made by this time last year. The
index has retreated about 7 percent from a 6-1/2-year high hit
in mid-July as a credit crunch whacked global stock markets.
(Reporting by Anshuman Daga and Sitaraman Shankar)
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