European shares close higher; autos and oils gain

LONDON, April 20 (BestGrowthStock) – European shares rose on
Tuesday, with automakers racing ahead after above-forecast
results at Daimler (DAIGn.DE: ), and with energy companies gaining
from stronger crude prices.

The pan-European FTSEurofirst 300 (.FTEU3: ) index of top
shares rose 1.4 percent to close provisionally at 1,103.41
points after two-day of losses. The benchmark is up more than 70
percent from its lifetime low of March 9, 2009.

Carmakers were in demand after luxury carmaker Daimler
reported strong first-quarter results late on Monday and said
its Mercedes Benz division might earn twice as much as it
previously forecast. [ID:nLDE63I2DW]

Daimler soared 7.5 percent. BMW (BMWG.DE: ) and Renault
(RENA.PA: ) rose 4.2 and 4.5 percent respectively.

Fiat (FIA.MI: ) and Peugeot (PEUP.PA: ), both due to issue
updates on Wednesday, rose 8.9 and 4.9 percent respectively.

Some analysts continue to caution that the market has risen
too far.

“We’re finding it harder to find companies whre you can see
material upside,” said Andy Lynch, fund manager at Schroders.
“It’s surprising that people are happy to keep chasing stocks
higher.”

Banks also boosted the index, regaining some ground lost in
the previous two sessions. Goldman Sachs (GS.N: ), charged with
fraud by the U.S. Securities and Exchange Commission, reported
blow-out quarterly earnings.

Stock Market Today

(Reporting by Brian Gorman)

European shares close higher; autos and oils gain