By Victor Reklaitis, MarketWatch
Europe’s main equity benchmark marched higher Tuesday, helped by advances for miners and U.K. manufacturer Rotork PLC, while a fake news release rocked French builder Vinci SA.
Controls maker Rotork /zigman2/quotes/200372942/delayed UK:ROR +1.65% was the index’s biggest winner, surging 13%. The mid-cap British company gave an upbeat update to its revenue guidance, citing in part tailwinds from the Brexit-battered pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.7034% .
Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL +0.83% , BHP Billiton and ArcelorMittal /zigman2/quotes/209487033/delayed NL:MT +1.10% were other big advancers within the Stoxx 600, jumping by 7.6%, 5.7% and 4.9%, respectively.
Commodities stocks moved higher as gold futures and the global oil benchmark rose. The gains for gold and Brent crude faded by day’s end in Europe, but miners still managed to hold higher.
“A boost higher in the oil price has helped to give market sentiment another shot in the arm and has propelled Wall Street into new high ground,” said Richard Perry, a Hantec Markets analyst, in a note .
“It will be interesting now to see if this can filter through to other markets such as the DAX, which has struggled for months around its key 10,800 resistance area,” Perry added.
The three major U.S. stock benchmarks — the S&P 500 Index /zigman2/quotes/210599714/realtime SPX -0.46% , Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.34% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.62% — all closed at new record highs on Monday. They were working to continue their advance into record territory on Tuesday , but had pulled back from session highs
Fake release: Vinci SA /zigman2/quotes/200895814/delayed FR:DG -0.53% finished 3.8% lower, but the French builder’s stock had been down as much as 18% following a fake news release that reportedly claimed the company’s CFO was fired following financial irregularities. The company said the fake release was published by Bloomberg, and Vinci denied “all the informations contained in this fake press release and is investigating all legal actions in furtherance thereof.”
Other movers :Compass Group PLC /zigman2/quotes/200043088/delayed UK:CPG +1.15% fell 4.7% after reporting results. Jefferies analyst Kean Marden told Dow Jones Newswires that sentiment was hit by a slowdown in revenue momentum — as well as the food and support services company’s echoing of French rival Sodexo SA’s /zigman2/quotes/206443022/delayed FR:SW +0.48% message that 2017 earnings will be second-half-heavy.
Banco de Sabadell SA /zigman2/quotes/206753237/delayed ES:SAB +0.04% closed down 4.4% after Colombian billionaire Jaime Gilinski sold a 3% stake in the Spanish bank, and investors reportedly worried he could sell more.
National indexes: Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX +0.82% rallied 0.3% to end at 10,713.85, while France’s CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +0.91% gained 0.4% to close at 4,548.35.
The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.1994% was down modestly, trading hands at $1.0627.
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