In another volatile month,European stocks gained ground during September,as did global equity markets.The FTSE Europe ex UK Index ended September up 1.3% in local currency terms,rallying on the US Federal Reserve's decision to reduce interest rates by 50 basis points.We saw strong performance from holdings in the alternative energy sector.EDF Energies Nouvelles unveiled a sharp rise in interim profits and increased full-year earnings guidanceas it continues to diversify from wind turbines into solar power operations.Norwegian group Renewable Energy Corporation (REC),whose share price has more than doubled over the last 12 months,reiterated that continued global shortgage of polysilicon(the input material for solar wafers)will boost profit margins.In the utilities sector,French water company Veolia Environment gained on an improving earnings outlook as it secureda 30-year supply contract worth €2.65b in China.Scandinavian telecom operators Elisa and Teliasonera stood out while Dutch fixed line operator KPN launched an offer for compatriot IT services company Getronica as it looks to diversify into high margin services for business market.
273.95p
