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European shares advance, Michelin leads

Reuters - UK Focus

LONDON, April 23 (Reuters) - European shares rose towards 14-year highs on Thursday, with French tyre maker Michelin (Paris: FR0000121261 - news) leading the automobile and auto parts sector higher after announcing its first-quarter results.

Shares (Berlin: DI6.BE - news) in Michelin rose 4.7 percent, the top gainer in the pan-European FTSEurofirst 300 index, after its first-quarter revenue rose 5.6 percent, boosted by a weaker euro. The STOXX Europe 600 auto and parts index rose 1.1 percent.

At 0711 GMT, FTSEurofirst 300 index was up 0.3 percent at 1,633.83 points. It climbed to its highest level in more than 14 years earlier this month.

However, gains were limited by an 8 percent drop in mobile telecom equipment maker Ericsson (Xetra: ERCA.DE - news) after the company said it expected sales in its key North American market to stay sluggish and posted first-quarter operating profit below expectations.

(Reporting by Atul Prakash; Editing by Francesco Canepa)