(RTTNews) - The European markets rose for the first time in four days on Thursday, as Nestle’s forecast-beating results reassured investors and energy stocks rallied after crude oil prices jumped. However, losses among technology stocks limited market gains.

Dour economic news from across the Atlantic continued to hunt investors. The Federal Reserve Bank of Philadelphia said in its report today that the index of activity in the Philadelphia-area manufacturing sector fell to a negative 41.3 in February from a negative 24.3 in January, with a negative reading indicating a contraction in the sector. Economists had expected the index to edge down to a negative 25.0.

The U.S. Labor Department revealed that initial jobless claims came in at 627,000 for the week ended February 14. This was unchanged from the previous week’s revised total.

Crude for March delivery rose $2.65 to $37.27 a barrel on the New York Mercantile exchange, by the time the European markets closed, as new U.S. government data showed oil inventories fell unexpectedly.

The FTSEurofirst 300 index of pan-European blue chips closed 0.06% higher at 763.80 points, while the narrower DJ Stoxx 50 index fell 0.19% to 1,886.28 points.

Around Europe, the U.K.’s FTSE 100 index rose $0.29% to 4,018.37 and Germany’s DAX index advanced 0.24% to 4,215.21, while France’s CAC 40 index declined 0.05% to 2,872.60.

Nestle, the world’s biggest food company, climbed 5.2% after beating forecasts with underlying sales growth of 8.3% in 2008 and was cautiously upbeat for 2009. Nestle also said it will increase its dividend for the year by 15%.

Technip, Europe’s second-largest oilfield-services provider, surged up 7.8% after the company reported a fourth quarter profit, compared to a loss last year.

Reed Elsevier, the owner of the LexisNexis database, rose 4.1% after the company reported higher profit for 2008 and predicted growth for 2009.

Energy stocks gained after crude oil prices climbed. BP rose 1.2%, while Cairn Energy surged up 2.3% and Tullow Oil added 2%.

Austria’s Raiffeisen International Bank-Holding surged up 10.4% after the bank reported a 17% rise in 2008 profit.

UBS, Switzerland’s largest bank, gained 4.8% after the lender agreed to pay $780 million in a deal to resolve fraud charges that it assisted rich Americans to evade taxes.

On the other hand, technology stocks slipped after Hewlett-Packard, the world’s largest technology company, reported first quarter sales that missed analysts’ estimates and lowered its earnings forecast for the year. Nokia, the world’s biggest maker of mobile phones, slid 4.8%, while Infineon, Europe’s second biggest chipmaker, dropped 6.7% and SAP, the world’s biggest business software maker, fell 3.8%.

British drugmaker Shire slipped 6.6% after the company reported a sharp decline in fourth quarter profit, hurt by charges.

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Posted in Categories: Eurozone, Releases, Stocks, Switzerland, UK, USA.

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