European Stocks Rise, Led by Infineon, ST; Akzo Nobel Advances
By Sam Fleming
quote.bloomberg.com
London, April 23 (Bloomberg) -- European stocks advanced, led by semiconductor companies after Infineon Technologies AG and STMicroelectronics NV said demand in the industry is recovering. Akzo Nobel NV climbed after the biggest Dutch drugmaker posted higher first-quarter profit.
Chemical company Syngenta AG slid after saying revenue declined in the first quarter. Serono SA fell after the biotechnology company posted lower quarterly earnings.
The Dow Jones Stoxx 50 Index rose for the first day in four, climbing 12.20 points, or 0.3 percent, to 3595.92. The technology group led gains among the 18 Stoxx industry groups, adding 1.1 percent.
``Infineon isn't far from breaking even, and this will go down very well in the technology market, which has been hammered,'' said Roger Hornett, chief executive of Theodoor Gilissen Securities in London.
Infineon climbed 80 cents, or 3.5 percent, to 23.95 euros. Europe's second-largest maker of computer chips posted a smaller- than-expected loss in its fiscal second quarter and said it sees signs demand is recovering. Siemens AG, which owns 41.3 percent of the company, rose 69 cents, or 1.1 percent, to 64.55 euros. |
