LONDON (Reuters) – Gains by cyclical sectors helped push European stocks higher on Thursday, while heavy losses from Dixons Carphone after a profit warning dominated early trading.
The pan-European STOXX 600 gained 0.3 percent, in line with euro zone stocks and blue-chips .
Dixons - Carphone - Shares - Percent - Phone
Dixons Carphone shares plummeted up to 29 percent after the mobile phone retailer downgraded expectations for full-year profit, reflecting tougher conditions in the mobile market as customers hold on to handsets for longer.
Dixons Carphone was the worst-performing among European retail stocks so far this year, even before today’s decline wiped a third off its market value.
Results - Quarter - Investors - Companies - Earnings
Results this quarter have seen investors punish companies that missed earnings expectations particularly harshly, analysts said.
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