Mon, October 03, 2022

European shares bounce up on strong corporate earnings

WB- European shares

On Wednesday, European shares edged higher, buoyed by a strong round of corporate earnings as traders monitor the situation in eastern Ukraine.

The Pan-European STOXX 600 index rose 0.61% or 2.79 to 457.91 points.

JDE Peets, one of the world’s largest coffee companies, rocketed 10.68% or 2.81 to $33.05 per share.

The upturn came after the Dutch beverage firm reported a 2.00% rise in full-year core profit, outpacing analysts’ estimates.

Likewise, the Belgian insurance firm Ageas elevated 6.18% or 2.94 to $50.49 per share.

Accordingly, the positive progress of its share buy-back programme benefitted its latest earnings result.

At the same time, Stellantis, a multinational auto manufacturer, surged 5.49% or 1.02 points to $19.58 per share.

The fourth-leading carmaker marked a fast start in its first year after the merger of Fiat Chrysler and Peugeot maker PSA.

It reported profitability and benefits from the combination, surpassing the market estimates.

Stellantis’ adjusted operating profit was 11.80% in 2021, beyond the target 10.00%.

Eventually, the benchmark EURO STOXX 50 climbed 1.14% or 45.60 points to $4,031.07 per share.

Its best performer, Danone, jumped 4.18% or 2.59 points to $64.56 per share. It registered significant gains among European shares.

Despite the mounting inflation, the food company also unveiled more robust than expected fourth-quarter sales.

Its latest quarterly profit strengthened 6.70%, outpacing the market consensus of 5.50% growth.

The world’s largest yoghurt maker also posted an annual increase of 3.40% in sales, above the 3.00% expected.

European Shares Rise; Ukraine Crisis in Focus

In Germany, the MDAX Performance index increased 0.45% or 144.48 points to 32,336.12 points.

Similarly, the benchmark DAX 40 improved 0.86% or 126.46 to 14,819.46 points.

In the United Kingdom, the FTSE All-Share index gained 0.42% or 17.48 to 4,189.83 points.

Correspondingly, France’s CAC 40 index soared 1.17% or 79.64 to 6,867.24 points.

Still, European shares are on edge as investors digest the rising tensions between Ukraine and Russia.

On Tuesday, the West responded to Moscow’s move by levying sanctions on Russian banks and individuals close to President Vladimir Putin.

Consequently, Germany halted the approval of Russia’s controversial Nord Stream 2 gas pipeline.

The U.S. State Department explained that the sanctions aim to punish Russia’s economy but not to hit energy markets.

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