Most European Stocks Advance; Ryanair Rallies on Profit

Most European stocks climbed, following four consecutive weeks of gains for the benchmark Stoxx Europe 600 Index. U.S. index futures were little changed, while Asian shares rallied.

Ryanair Holdings Plc jumped the most in 15 weeks after Europe’s largest low-cost carrier posted a 13 percent increase in full-year profit. Rheinmetall AG advanced for a third day after Deutsche Bank AG upgraded the shares. Randgold Resources Ltd. retreated 1.6 percent as the price of gold fell.

The Stoxx 600 added 0.1 percent to 308.93 at 8:34 a.m. in London as more than two stocks climbed for every one that dropped. The gauge climbed 1.2 percent last week, reaching its highest level since June 2008, as the Bank of England lifted its growth forecast for Europe’s third-biggest economy. Markets in Switzerland, Austria, Denmark, Norway, Iceland and Luxembourg are closed for the Whit Monday holiday.

Futures on the Standard & Poor’s 500 Index lost 0.1 percent today. The U.S. equity benchmark jumped 2.1 percent last week as reports showed consumer confidence and leading indicators rebounded, fueling optimism in the world’s largest economy. The MSCI Asia Pacific Index gained 1.3 percent today.

“The positive U.S. consumer sentiment reading continued to tick the right boxes for traders regarding U.S. economic progress, and this has helped to extend the equity-market rally even further,” Tim Waterer, senior trader at CMC Markets in Sydney, wrote in an e-mail. “The push higher in financial markets is also being aided by the fact that there is very little in the way of negative global events to dissuade investors from chasing yield.”

Ryanair Rallies

Ryanair soared 5.6 percent to 6.68 euros after reporting that net income rose to 569 million euros in the 12 months through March 31 from 503 million euros a year earlier. Revenue climbed 13 percent to 4.33 billion euros.

Rheinmetall gained 2.9 percent to 39.20 euros after the the maker of KS Kolbenschmidt engine pistons was raised to hold from sell at Deutsche Bank, which cited an improving automotive market and expected positive newsflow on defense contracts.

Randgold, a miner of the precious metal in Africa, slid 1.6 percent to 4,680 pence as gold fell for an eight day.

FirstGroup Plc, which operates trains and buses, slumped 16 percent to 188.4 pence after announcing a 615 million-pound capital increase. The company added that it will not propose paying a dividend.

(Source: Bloomberg)