LIVE MARKETS-Big gainers but Stoxx 600 flat

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BIG GAINERS BUT STOXX 600 FLAT

Europe's Stoxx 600 share benchmark is effectively flat after the first hour of trading, but there's a lot going on below the surface with some punchy reactions to earnings, particularly on the upside.

Top of the Stoxx is Spain's Banco Santander SAN.MC up over 7% and to a seven year high after it booked a record quarterly net profit and targeted 10 billion euros in share buybacks over this year and next.

Also jumping are GSK GSK.L, up 5.5%, after a better-than-expected fourth quarter and raising a long-term sales target, and Novo Nordisk NOVOb.CO up 3.6% also after results.

However, despite those gains, the broad European share benchmark is flat, .STOXX with a bunch of small declines, not helping are S&P500 futures ESc1 down 0.5% after Google's earnings disappointment.

(Alun John)

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