Europe close: Stocks edge higher in 'dull market'

European shares finished slightly ahead on Wednesday as investors bided their time ahead of the release of the all-important monthly US non-farm payrolls report due out at the end of the same week.

"Markets are making steady progress this afternoon, although a lack of macro drivers have left things a little dull," said IG chief market analyst, Chris Beauchamp.

"However, ‘never short a dull market’ is a key adage for investors and traders, and remains an important principle to remember, especially when the urge to ‘sell in May (or June) and go away’ remains so prevalent."

Beauchamp also highlighted recent remarks from US central bank officials which appeared to have calmed inflation concerns in the US Treasury market.

The pan-European STOXX 600 index rose 0.28% to 451.34, with Germany’s DAX up 0.23% to 15,602.71.

Gains for the latter came despite the release of data showing that German retail sales fell much more than expected in April as further Covid-19 restrictions were introduced.

Paris's Cac-40 meanwhile climbed 0.49% to 6,521.52.

Energy stocks performed well on the back gains in crude oil prices after OPEC producers maintained plans to resume oil supplies to the markets in June and July.

Front month Brent crude oil futures added 1.31% to $71.17 on the ICE.

In equity news, shares in Swedish car and truck manufacturer Volvo rose after the company’s board proposed that the proceeds from the sale of UD Trucks be distributed to shareholders.

Danish luxury TV and stereo maker Bang & Olufsen jumped 10% after an upbeat full-year earnings forecast.

East Europe-focused budget carrier Wizz Air recovered early losses even after it reported a €576m net loss for the year as revenue and passenger numbers plunged amid the coronavirus pandemic. The company also said it would post another loss in 2022 unless travel restrictions were lifted quickly and permanently.

Italy’s Interpump Group climbed 6.3% to lead the Stoxx 600 after announcing an acquisition.

German mass media house ProSiebenSat.1 slipped 1% after chief executive officer Rainer Beaujean said it “does not need any help from outside” amid calls to consolidate the European broadcasting industry.