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STOCKS NEWS EUROPE-BMW hits record high on outlook, technical momentum

Reuters - UK Focus

Shares in BMW (Berlin: BMW.BE - news) jump as much as 8 percent to a record high of 87.16 euros, making them the biggest gainers on Europe's STOXX 600 benchmark, as shareholders welcome an upbeat outlook, traders say.

"The outlook is very positive and in the current market environment positive news are received with enthusiasm," one trader says.

Chief Financial Officer Friedrich Eichiner says 2014 pretax profit would grow by a high-single to double digit percentage.

The trader also cites technical reasons for the rise in BMW's stock, adding the shares still have room to catch up with peers.

Before Wednesday's jump, BMW shares had gained around 7 percent since the beginning of the year, underperforming rivals Toyota and GM (NYSE: GM - news) , whose shares are up 18 percent and 16 percent since the start of 2014, respectively.

Reuters messaging rm://kirsti.knolle.thomsonreuters.com@reuters.net