European shares supported by oil bounce; cybersecurity stocks gain

European shares supported by oil bounce; cybersecurity stocks gain

European shares supported by oil bounce; cybersecurity stocks gain

On a strong day, the index gained consistently, passing the 7,500 point mark for the first time ever, eventually ending at 7,521 points - a gain of 0.9%.

It was a third consecutive record close for the FTSE 100, which reached 7,454.37 a day earlier.

In economic releases, the French economy expanded at a slightly faster pace in 2016, while the country's consumer price inflation climbed an annual 1.2 percent in April, just above the 1.1 percent rise in March, separate data published by the statistical office Insee showed.

"Markets seem to be enjoying the signs that incumbent governments are set for victory in upcoming elections", said Jasper Lawler, senior market analyst at London Capital Group, in a note.

That helped commodity-related stocks with the basic resources and oil indexes, both up 1.2 percent.

But the announcement of a snap General Election for the United Kingdom prompted a recovery in the value of the pound versus the dollar last month, hitting values.

Oil prices jumped after the energy ministers of the world's two biggest producers Saudi Arabia and Russian Federation jointly said that a crude production cut would be extended.

The pan-European STOXX 600 index was down 0.1 percent by 0937 GMT.

Europe's largest tour operator TUI Group fell as much as 5 percent after it said "challenging" conditions had driven it to a wider loss in its second quarter.

On Tuesday, shares in oil producers BP PLC (BP.LN) (BP.LN) and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) were up 0.3% and 0.5%, respectively, adding to their advances on Monday.

Excluding the Indian division, underlying earnings lifted 5.8% to 14.1 billion euro (£12 billion).

Crest Nicholson fell 16.5p to 620p.

BTG PLC (BTG.LN) dropped 6.8% after the drugmaker posted a decline in yearly pretax profit to 31.6 million pounds (http://www.marketwatch.com/story/btg-profit-falls-even-as-use-of-varithena-rises-2017-05-16) ($40.8 million), but noted a steady increase in demand for its Varithena varicose vein treatment.

"That's why you see (firms) like Vodafone looking overseas to Africa, India, where it's faced its biggest troubles in the year", Odeluga said. The airlines said weakness in sterling against the dollar and euro shaved GBP82 million off the bottom line.

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