Inditex tops STOXX as trading update allays Q2 fears
Adds milestones in bullets 1 and 6, H&M shares in bullet 8, updates shares
** Shares in Zara-owner Inditex ITX.MC rise 4.6% to the top of Europe's STOXX 600 .STOXX after Q1 report that included a better than expected update on current trading
** Sales at constant currencies rose 12% from May 1 to June 3, Inditex says
** "This should significantly allay fears over the Q2 top line performance (where Inditex is facing very tough comparatives), which had been somewhat weighing on sentiment," J.P.Morgan says
** Jefferies says that current trading "amply ahead" of expectations confirms the well-recognised investment narrative, and expects Inditex to continue deliver ample market share gains
** Barclays also points to Q1 EBIT and revenue above consensus, saying this illustrates the success of Inditex's collections despite a relatively weak economic environment in some countries
** The stock is on track for its best day since March 13 if gains hold
** The Inditex stock is up 16.6% YTD
** Shares of Swedish rival H&M HMb.ST rise 1.6%
Reporting by Tiago Brandao
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