European shares rise on strong results from SAP and Lonza

  • Reuters
  • Stock Market News
European shares rise on strong results from SAP and Lonza
Credit: © Reuters.

LONDON, July 20 (Reuters) - European shares edged up in early trade on Wednesday, with Swiss speciality chemicals and life sciences group Lonza LONN.S and software firm SAP SAPG.DE leading the market higher after reporting solid results.

Lonza shares rose 5.4 percent, the top gainer in the pan-European FTSEurofirst 300 .FTEU3 index, as the company raised its guidance for 2016 after reporting the strongest earnings growth in its history during the first six months. in SAP, Europe's largest software company, rose 3 percent as unexpectedly strong growth in high-margin packaged software licenses fuelled its quarterly earnings. Its second-quarter operating profit rose 9 percent. pan-European STOXX Europe 600 .STOXX and the FTSEurofirst 300 were both up 0.2 percent in early deals.

Gains were capped by weaker miners, with the European Basic Resources index .SXPP falling 2 percent, the worst sectoral performer, as prices of metals dropped.

Anglo American AAL.L fell 5.5 percent after lowering its full-year guidance, while BHP Billiton BLT.L was down 2.2 percent after it fell 3 million tonnes short of its iron ore production guidance for fiscal 2016.

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