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European shares edge up led by Shell, Ocado rally
November 28, 2017 / 8:33 AM / 14 days ago

European shares edge up led by Shell, Ocado rally

MILAN, Nov 28 (Reuters) - European shares were supported on Tuesday by gains in heavyweight Royal Dutch Shell after the oil major cancelled an austerity dividend, while Ocado rallied following a deal with French supermarket Casino .

Ocado shares rose 26 percent after Casino signed a deal with the British online retailer to use its grocery e-commerce platform to develop its online business.

Shell rose 1.8 percent, helping send the pan-European STOXX 600 index up 0.2 percent by 0814 GMT and sending the oil and gas index, up 0.5 percent, the biggest sectoral gainer in Europe.

Shell cancelled an austerity dividend policy as the oil and gas company boosted its cash generation forecasts, drawing a line under three years of oil price turmoil.

UK’s FTSE 350 bank index rose 0.2 percent in relief after a Bank of England stress test delivered no negative surprises, while Britain’s FTSE index added 0.2 percent.

Top STOXX 600 fallers were Dixons, which fell after Siftel downgraded the stock to hold, and CHR Hansen following the resignation of its CEO. Both stocks declined more than 3 percent. (Reporting by Danilo Masoni, editing by Julien Ponthus)

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