You are here

Europe: FTSE at another record, Fiat rebound lifts European autos stocks

25746278 - 08_10_2012.jpg

[LONDON] European shares advanced in early trading on Monday, led higher by automobile stocks, with Britain's benchmark equity index setting an all-time high and on track for a record 14th straight session of gains.

Shares in Fiat Chrysler Automobiles rose 6 per cent, recouping some of the previous session's 16 percent slump triggered by the US Environmental Protection Agency's (EPA) accusations that the car maker illegally masked excess diesel emissions.

However, its CEO Sergio Marchionne told La Repubblica newspaper on Friday that the EPA's accusations that Fiat violated emissions laws will not have any impact on the carmaker's business plan targets.

Italian stocks dominated the list of top performers on the STOXX with UBI Banca up 7.6 per cent and Exor up more than 6 per cent.

Market voices on:

Meanwhile, shares of French media company Technicolor were on track on their worst-ever one-day loss after a profit warning wiped out nearly a fifth of their value.

Britain's blue-chip FTSE 100 index set another record high of 7,329.29 points and was last quoted 0.4 per cent higher. It was also on track for its sixth straight weekly gain.

The pan-European STOXX 600 was also up 0.5 per cent, led higher by the automobile index, up 1.6 per cent.