European stocks were battling for a ninth consecutive advance on Tuesday, led by an advance in retailers.
The Stoxx Europe 600
SXXP,
rose 0.1% to 484.27. It’s the second-longest winning streak of the year, as the index rose for 10 straight trading days through Aug. 13.
What’s notable about the current streak is the U.K. FTSE 100
UKX,
is in a rut, having dropped six of the last nine sessions and easing 0.1% on Tuesday.
Associated British Foods
ABF,
jumped 6% as the owner of the Primark clothing retailer announced a special dividend alongside a 1% rise in full-year revenue. “Having your shops forcibly closed for a third of the year and losing only 5% of sales is no mean feat, especially without an online business to fall back on,” said Nicholas Hyett, an analyst at Hargreaves Lansdown.
Gucci owner Kering
KER,
and used-car retailer Auto1
AG1,
each rose 3%.
Salmon farmer Bakkafrost
BAKKA,
dropped 13% after reporting a worse-than-forecast 31% drop in operating profit for the third quarter, in what the company blamed on the higher costs and lower weights and prices from a decision to advance its harvest plan.
This post was originally published on Market Watch
