* FTSEurofirst 300 index up 0.4 pct
* Banks gain ahead of JPMorgan
* Roche up after sales figures
By Joanne Frearson
LONDON, April 16 (Reuters) - European shares rose in a
choppy session on Thursday morning with banks gaining ahead of
JPMorgan Chase & Co <JPM.N> figures and housing data from the
United States.
By 0849 GMT, the FTSEurofirst 300 <> index of top
European companies was up 0.4 percent at 791.26 points having
been as low as 786.93 points earlier.
"The market is going to remain volatile depending on news
flow. I have a funny feeling JPMorgan figures are going to be
good ... it really depends if there are any more write downs,"
said David Buik, partner at BGC Partners.
Banks added the most points to the index. HSBC <HSBA.L>,
Banco Santander <SAN.MC>, UBS <UBSN.VX>, Barclays <BARC.L> and
Credit Suisse <CSGN.VX> gained 1.4-4.6 percent.
"I would expect quite good figures from JPMorgan, but they
are by no means the norm for the sector," said Justin Urquhart
Stewart, investment director at Seven Investment Management.
Later in the session, investors are expected to focus on
results from tech bellwether Nokia <NOK1V.HE>.
"Nokia earnings will probably be about 80 percent down to
what they were last time. We are concerned about the level of
market share they may have lost (as) their smart phone clearly
has not gone well at all. But, providing they are no worse than
expectations, it probably will be okay," Buik said.
Across Europe, the FTSE 100 <> index was up 0.7
percent, Germany's DAX <> was 0.03 percent higher and
France's CAC 40 <> was up 0.2 percent.
ROCHE GAINS AS SALES RISE
Looking at macroeconomic news, U.S. housing starts at 1230
GMT will also be in the spotlight.
"The housing figures are likely to show that a little bit
more confidence is coming back in and the market shows some
signs of flattening," said Urquhart Stewart.
Back to the upside, energy stocks gained as crude <CLc1>
rose 1.3 percent. BG Group <BG.L>, BP <BP.L> and Tullow Oil
<TLW.L> added 0.2-0.9 percent.
Miners were higher with Antofagasta <ANTO.L>, BHP Billiton
<BLT.L>, Eurasian Natural Resources <ENRC.L>, Rio Tinto <RIO.L>
and Xstrata <XTA.L> up 0.5-2.1 percent.
Roche <ROG.VX> was up 0.7 percent after first-quarter sales
rose 8 percent and the group said it met forecasts thanks to the
strong growth of blockbuster cancer drug Avastin. []
Tempering investor optimism about a recovery was news that
General Growth Properties <GGP.N>, the second-largest U.S. mall
owner, had filed for Chapter 11 bankruptcy protection from its
creditors, making it one of the biggest victims of the credit
crisis yet.
On the downside, the electricity sector heavily weighed on
the index. Union Fenosa <UNF.MC> was down nearly 20 percent,
while Drax <DRX.L>, EDF <EDF.PA> and Endesa <ELE.MC> were 0.3-1
percent lower.
Food producers also fell, with Danone <DANO.PA> down 0.4
percent after its quarterly sales fell 2.3 percent.
Chip maker STMicroelectronics <STM.PA> fell 1.3 percent
after it said late on Wednesday it planned to cut its quarterly
dividend by two-thirds, citing the "unstable market".
[]
(Editing by Simon Jessop)
