European stocks hit 6-month closing high

PARIS (BestGrowthStock) – European stocks rallied on Thursday, ending at their highest closing level in six months, propelled by a batch of upbeat quarterly results from bellwethers such as Nokia (NOK1V.HE: ).

Shares of the world’s largest handset maker jumped 6.3 percent after it posted forecast-beating profits, lifted by strong demand for cheap smartphones.

The FTSEurofirst 300 (.FTEU3: ) index of top European shares unofficially ended 0.6 percent higher at 1,092.73 points, the index’s highest close since late April.

“Stock indices are breaking above their long trading range as the specter of a banking crisis and a double-dip recession fades away,” said Marc Renaud, chief executive officer of Paris-based asset management firm Mandarine Gestion.

Bucking the trend, Swiss bank Credit Suisse (CSGN.VX: ) dropped 4.5 percent after third-quarter net profit sank 74 percent, after sluggish equities trading weighed on investment banking profits.

(Reporting by Blaise Robinson; editing by Simon Jessop)

European stocks hit 6-month closing high