Friday 24 November 2017

European shares edge higher, retailers lead

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European shares inched higher in cautious trading today, led by retailers after Next raised its annual profit forecast following fourth quarter sales that came in significantly ahead of its expectations.

Next, Britain's second largest clothing retailer, climbed 7.4pc after the company also said it would pay a special dividend of 50pc a share and outlined a plan for more payouts rather than share buybacks.

The company helped the STOXX Europe 600 retail index to gain 0.7pc, the best sectoral performer in Europe.

At 0812 GMT, the FTSEurofirst 300 index, which gained 16pc in 2013, was 0.1pc higher at 1,306.95 points. The pan-European index ended its first session of 2014 down 0.8pc after setting earlier on Thursday its highest since mid-2008.

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