Oliver Q
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European stocks advanced for a second day

European stocks advanced for a second day as A.P. Moeller-Maersk A/S and Imperial Tobacco Group Plc climbed after posting earnings.

The Stoxx Europe 600 Index gained 0.6 percent to 335.49 at the close of trading, extending the rebound from its Aug. 8 low to 3.3 percent. The equity benchmark rallied 1.2 percent yesterday as talks between Ukraine and Russia eased concern about the conflict between the two countries.
Earnings for Euro Stoxx 50 Index companies will probably rise to 220.35 euros on average this year. Analysts projected profit of 217.79 euros as recently as July 30, according to data compiled by Bloomberg.
National benchmark indexes climbed in every western-European market except Ireland and Iceland. The U.K.’s FTSE 100 and France’s CAC 40 rose 0.6 percent, while Germany’s DAX rallied 1 percent.

Maersk advanced 4.9 percent to 14,160 kroner after saying it expects full-year underlying profit to reach $4.5 billion. It had forecast $4 billion. The container shipper reported second-quarter earnings before interest, taxes, depreciation and amortization of $3.09 billion, exceeding the average analyst projection. It also announced a share-buyback program of about $1 billion over the next 12 months.
Imperial Tobacco added 2.3 percent to 2,585 pence after saying sales fell 1 percent in the nine months through June. The maker of Gauloises cigarettes said an improving market in Europe offset a decline in Russia and the Middle East. Analysts surveyed by Bloomberg News had expected revenue to drop 2 percent. Europe’s second-biggest tobacco company reiterated its forecast for dividend growth of at least 10 percent this year.