FILE PHOTO: Stock traders follow the price trend on their monitors at the Frankfurt Stock Exchange. (zu dpa: «European markets close on firm note») Boris Roessler/dpa
European stocks closed higher on Wednesday, bouncing back fairly well from previous session’s losses, as investors reacted to earnings and looked ahead to the US-China summit in Beijing, in addition to following the developments on the Middle East conflict front.
The pan European Stoxx 600 climbed 0.79%. The UK’s FTSE 100 moved up 0.58% despite political uncertainty. Germany’s DAX and France’s CAC 40 gained 0.76% and 0.35%, respectively. Switzerland’s SMI closed 0.71% up.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Iceland, Ireland, Netherlands, Poland, Portugal, Russia and Spain ended higher.
Czech Republic and Turkey closed weak, while Greece, Norway and Sweden ended flat.
In the UK market, miners moved up sharply, contributing significantly to market’s firm close. Antofagasta climbed 8.75%, while Anglo American Plc, Rio Tinto and Fresnillo gained 4.5%, 4.4% and 4%, respectively. Endeavour Mining ended 2% up, while Glencore gained 3.3%.
Metlen Energy & Metals surged 7.2%. Intertek Group advanced 5.3%. British American Tobacco ended 3.75% up while Polar Capital Technology Trust, Standard Chartered, Vodafone Group, Prudential, M&G, HSBC Holdings, Compass Group, DCC and Segro also posted strong gains.
Babcock International moved up after announcing a new £200 million ($270 million) buyback alongside stronger annual revenue supported by its nuclear and aviation businesses.
Airtel Africa tanked more than 13%. Relx fell nearly 5% and Experian closed lower by 4.7%. The Sage Group, Imperial Brands, Coca-Cola Europacific Partners, Spirax Group and Associated British Foods lost 1.7%-3.6%.
In the German market, Infineon jumped nearly 11%.
Merck climbed 7.2%. Scout24 gained 5.8%. Siemens Energy moved up more than 4.5%.
E.ON gained about 3.5% The utility giant’s stock moved higher, buoyed by the announcement of a planned acquisition of UK energy supplier OVO.
Deutsche Telekom gained about 1.3%. Europe’s biggest phone carrier Deutsche Telekom gained about 1.3% after lifting its full-year guidance.
Allianz moved up 1.1%, lifted by a record profit in the first quarter thanks to sale of stakes in joint ventures in India.
Daimler Truck Holdings, Deutsche Bank, BASF, Adidas and Zalando gained 1.2%-1.8%. Commerzbank and Mercedes-Benz also closed on firm note.
Brenntag closed down by 2.3% after reporting first-quarter net profit of €98 million ($115 million), compared with €135 million in the year-ago quarter. Earnings per share dropped to €0.68 compared with €0.93 a year earlier.