Nokia helps European share rebound, SocGen slides

FRANKFURT (Reuters) – European shares rebounded on Thursday as strong results from Nokia and Allianz and a bond-insurance rescue package calmed investors, surprised by Societe Generale’s fraud disclosure.

The pan-European FTSEurofirst 300 index closed unofficially 5.3% higher at 1,329.48 points, after ending the previous session at its lowest close in 1-1/2 years.

“Good news make the market snap back like a rubber band, especially in such an oversold situation,” said Christian Stocker, equity strategist at UniCredit Global Research. The world’s top cellphone maker, Nokia jumped 14.6% after reporting a 57% rise in earnings per share in the October-to-December quarter.

Shares in Europe’s biggest insurer Allianz surged 10.9% as it said it reached its full-year net profit goal of 8 bln euros ($11.72 bln), despite a 900 mln euro writedown on complex financial instruments in its banking business during the fourth quarter.

SocGen shares fell 4.1% after the bank disclosed a huge loss due to positions taken by a rogue trader.