Markets relax as ECB promises more help

Most stocks in Europe advanced as European Central Bank president Mario Draghi said policy makers are ready to implement further stimulus measures if needed to support the euro-region economy.

The Iseq rose 0.3 per cent, while national benchmark indexes rose in 13 of the 18 western European markets. The UK's FTSE 100 added 0.2 per cent, France's CAC 40 climbed 0.5 per cent, and Germany's DAX gained 0.7 per cent. DUBLIN Tullow Oil, which is also listed in London, spiked by almost 9.5 per cent after reports emerged that an Indian company, the overseas arm of Oil and Natural Gas Corp, has approached Tullow to buy a stake in its African assets, including Ghana and Kenya. India, the world's fourth-biggest oil consumer, has charged state oil firms with acquiring assets overseas to improve security of its supplies.

Kerry Group fell steadily throughout the day, ending down 1.36 per cent at €54.40. It said that volumes fell 1.2 per cent in the nine months to the end of September in its consumer foods division. It said its primary markets in Ireland and the UK are showing early signs of recovery, however.

Glanbia held reasonably steady after The Irish Times revealed yesterday that it had channelled €1 billion through companies in Luxembourg to lessen its tax bill. It finished the day down 0.17 per cent, at €11.47. At one stage during the morning, however, it was down as much as 0.5 per cent.

LONDON

Wm

Morrison Supermarkets

advanced 6.2 per cent to 172.5 pence. The UK grocer narrowed its forecast range for profit this year, saying it expects to beat a debt target, while sales will rebound. The stock remains down nearly 35 per cent for the year.

Tesco and Sainsbury's, which also have suffered from e competition with low-cost alternatives, rose 3.2 per cent and 6 per cent respectively. Sainsbury's showed off its answer to discounters Aldi and Lidl on yesterday with the opening of its first Netto-branded store, which targets thrifty shoppers.

Britain’s top drugmaker, GlaxoSmithKline, fell 1.6 per cent, wiping 4.3 points off the blue-chip FTSE 100 index as the stock went ex-dividend. Glaxo was among the biggest decliners in the UK pharmaceutical and biotechnology index, which fell 0.8 per cent.

AstraZeneca, which saw off a $118 billion takeover bid from Pfizer in May, fell 0.6 per cent after announcing third-quarter results. It raised its sales forecast for this year.

EUROPE

Adidas

advanced 4 per cent to €59.04. The German sporting-goods maker said net income fell to €282 million. That beat the average €268.4 million estimate of analysts surveyed by Bloomberg.

HeidelbergCement rose 5.3 per cent to €57.64. The world's third-biggest cement maker said third-quarter earnings increased 9.8 per cent as it raised prices in North America.

Société Générale declined 2.5 per cent to €37.07. The Paris-based lender reported third-quarter profit of €836 million, trailing the €872 million average estimate of analysts as trading in equities slumped.

Legrand dropped 2.8 percent to €40.90. The world's largest maker of switches, plugs and lighting controls said targets set at the start of the year have become challenging, and it now sees results at the low end of its 2014 forecasts.

NEW YORK

Tesla rose 4.9 per cent after projecting to sell 50,000 Model S cars next year. Chief executive

Elon Musk

said Tesla is accelerating production and sees 50 per cent growth next year lasting “probably for several years”.

Qualcomm slid 11 per cent. A previously disclosed investigation by China's antitrust regulator into its business practices will hurt sales and profit next year.

The chipmaker also said US and European regulators are conducting inquiries related to its licensing and phone-chip businesses.

(Additional reporting: Bloomberg/Reuters)