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European shares hit fresh 29-month closing high

Published 02/16/2011, 11:44 AM
Updated 02/16/2011, 11:48 AM

LONDON, Feb 16 (Reuters) - European shares rose to a 29-month closing high for the third successive day on Wednesday, driven by strong results from French bank Societe Generale and brewer Heineken.

Societe Generale advanced 5.9 percent, while the European banking sector put on 2.6 percent to extend its gains for the year to nearly 16 percent.

Heineken, the world's third-largest brewer, also beat market forecasts with its 2010 results. Its stock rose 3.1 percent.

The pan-European FTSEurofirst 300 provisionally closed 0.6 percent higher at 1,187.09 points, gaining for the fourth straight session.

"The top line results have been reasonably good but the margins have been disappointing, so at the net level not that of a great quarter," said Ronan Carr, European equity strategist at Morgan Stanley.

"Financial results have been in line and slightly better and that's helping the financials to outperform." (Reporting by Dominic Lau)

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