RTRS: European shares up, boosted by foods, utilities
European shares were up by midday on Tuesday, with utilities adding most points, while investors also retreated to defensive foods stocks amid thin trade ahead of Christmas.
At 1236 GMT, the pan-European FTSEurofirst 300 .FTEU3 index was up 0.6 percent at 814.62 points, ending a four-day losing run.
"Trade is relatively thin today ahead of Christmas eve tomorrow," said Heinz-Gerd Sonnenschein, equity strategist at Postbank in Bonn, Germany.
"After this year's extremely bumpy ride, it appears reasonable that some trading books seem to have been closed already," he said.
The benchmark index has fallen 46 percent this year amid a credit crisis that has forced governments to bail out big banks and tipped economies into recession.
Crude stayed below $40 a barrel. The price for crude has fallen 73 percent since hitting an all-time high of $147 in July.
"The oil price will remain under pressure, due to the current recession," said Joerg Rahn, senior economist at MM Warburg.
"Still, I don't see a lot happening until the end of the year. The more exciting question is what will happen in the new year," he added.
"I believe that we will see another selling wave, as the bad macroeconomic data does not seem to be priced into the market, but it is unclear when that will happen," said Rahn.
Shares in utility Veolia (VIE.PA) gained 3.8 percent, while Endesa (ELE.MC) was up about 1.6 percent.
Among food producers, Cadbury (CBRY.L) gained 1.4 percent after Investec upgraded its earnings estimates due to foreign exchange benefits. Peers Nestle (NESN.VX) and Danone (DANO.PA) were up 1.1 percent and 1.3 percent each.
