AMSTERDAM / LONDON / PARIS / ZURICH / LONDON (IT BOLTWISE) – European stock markets posted mostly moderate gains on Thursday, although some companies surprised with their quarterly results. The EuroStoxx 50 rose 0.52 percent, while Britain’s FTSE 100 rose 0.67 percent. Oil stocks in particular benefited from the latest developments on the crude oil market.
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European stock markets posted mostly modest gains on Thursday, with the EuroStoxx 50 rising 0.52 percent to 5,668.33 points. This development came about despite mixed company figures, which led to significant price movements for some individual stocks. Outside the euro zone, Britain’s FTSE 100 rose 0.67 percent, while Switzerland’s SMI fell 0.45 percent.
The focus was particularly on oil stocks, which were in high demand across Europe. These benefited from rising oil prices after the US government imposed sanctions on large Russian oil companies. There is also speculation that India and possibly China could forego Russian crude oil under pressure from the USA, which will further increase prices.
In the auto sector, Volvo Cars shares stood out with a price gain of 38 percent. The share reacted positively to the third quarter figures, which showed unexpectedly high profitability. Jefferies analysts emphasized that the carmaker’s savings plan was taking effect faster than expected. In contrast, Renault lost 3.1 percent as the carmaker achieved lower than forecast sales in the third quarter.
Chipmaker STMicroelectronics continues to struggle with a sluggish recovery in demand from automakers and industry. Sales fell 2 percent and shares fell more than 14 percent. STMicro CEO Jean-Marc Chery predicted revenue for the final quarter that could be slightly lower or higher than the third quarter.
In the luxury goods sector, Kering was able to continue its recovery since the beginning of April with a price gain of 8.7 percent. The sales figures for the third quarter were better than expected, which was positively highlighted by analysts at Deutsche Bank. In the telecom sector, Nokia rose 10.8 percent after the network equipment provider reported surprisingly good results in the third quarter.
The day was disappointing for Roche, whose shares fell by 3.2 percent. The pharmaceutical company’s figures and outlook were rated as “good, but not good enough”. Carrefour also disappointed with its latest sales figures, which led to a share price decline of 3.9 percent. JPMorgan analyst Borja Olcese reiterated his “Underweight” rating as the supermarket operator’s third-quarter trading momentum missed expectations across all regions.
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