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European stocks pare declines to trade near seven-week highs

Hong Kong stocks

European shares traded near their highest prices in almost seven weeks as financial results at Prudential Plc and G4S Plc offset declines in utilities and energy producers.

Shares of the British insurer gained 3.1 per cent after it reported that first-half earnings beat analyst estimates. Belgium’s Ageas SA climbed 3.5 per cent after posting insurance profit that topped projections. G4S surged 15 per cent after saying revenue rose and keeping its dividend. EON SE sank 5.7 per cent as it reported a first-half loss because of charges linked to the listing of its Uniper unit. Royal Dutch Shell Plc helped drag down energy companies as oil fell.

The Stoxx Europe 600 Index slipped less than 0.1 per cent at 9:37 a.m. in London, trimming a decline of as much as 0.4 per cent. The volume of shares changing hands was about a third lower than the 30-day average. Germany’s DAX Index, which entered a bull market on Tuesday, dropped 0.2 per cent, weighed down by EON.

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Paul

The author Paul