AIRLINK 65.90 Decreased By ▼ -0.90 (-1.35%)
BOP 5.69 Increased By ▲ 0.02 (0.35%)
CNERGY 4.65 Increased By ▲ 0.02 (0.43%)
DFML 22.85 Increased By ▲ 0.53 (2.37%)
DGKC 70.70 Increased By ▲ 0.94 (1.35%)
FCCL 20.35 Increased By ▲ 0.73 (3.72%)
FFBL 29.11 Decreased By ▼ -1.09 (-3.61%)
FFL 9.93 Increased By ▲ 0.03 (0.3%)
GGL 10.08 Increased By ▲ 0.03 (0.3%)
HBL 115.25 Decreased By ▼ -0.45 (-0.39%)
HUBC 129.50 Decreased By ▼ -1.01 (-0.77%)
HUMNL 6.70 Decreased By ▼ -0.04 (-0.59%)
KEL 4.38 Increased By ▲ 0.03 (0.69%)
KOSM 5.02 Increased By ▲ 0.22 (4.58%)
MLCF 36.96 Decreased By ▼ -0.23 (-0.62%)
OGDC 131.20 Decreased By ▼ -2.35 (-1.76%)
PAEL 22.48 Decreased By ▼ -0.12 (-0.53%)
PIAA 26.30 Decreased By ▼ -0.40 (-1.5%)
PIBTL 6.53 Increased By ▲ 0.28 (4.48%)
PPL 112.12 Decreased By ▼ -1.83 (-1.61%)
PRL 28.39 Increased By ▲ 1.24 (4.57%)
PTC 16.11 Decreased By ▼ -0.02 (-0.12%)
SEARL 58.29 Decreased By ▼ -1.41 (-2.36%)
SNGP 65.69 Decreased By ▼ -0.81 (-1.22%)
SSGC 11.02 Decreased By ▼ -0.19 (-1.69%)
TELE 8.94 No Change ▼ 0.00 (0%)
TPLP 11.53 Increased By ▲ 0.19 (1.68%)
TRG 69.24 Decreased By ▼ -0.12 (-0.17%)
UNITY 23.95 Increased By ▲ 0.50 (2.13%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
BR100 7,304 Decreased By -13.1 (-0.18%)
BR30 23,950 Decreased By -155.6 (-0.65%)
KSE100 70,333 Decreased By -150.3 (-0.21%)
KSE30 23,121 Decreased By -82 (-0.35%)

PARIS: European shares hit a two-month high on Wednesday, led by rate-sensitive real estate stocks, while British software firm Sage jumped to a record high after reporting strong annual operating profit and announcing a share buyback plan.

The pan-European STOXX 600 closed 0.3% higher, with real estate stocks leading gains and rising 1.5%.

Meanwhile, a gauge of euro zone equity market volatility hit its lowest level since July.

Euro zone bonds were little changed after central bank officials did little to dampen investor expectations that the next move in interest rates would be lower.

Minutes from the US Federal Reserve’s last policy meeting showed officials agreed to proceed “carefully” and only raise rates if inflation spikes again, while European Central Bank President Christine Lagarde said victory has not yet been won and bets based on short-term data flow were premature.

“Markets are close to being fairly valued and there’s no huge positive catalyst, but yet investors are still waiting, thinking things are going to get better sometime soon, and that’s what they’ve been saying for a year,” said Michael Field, Europe market strategist at Morningstar.

In Britain, finance minister Jeremy Hunt announced tax cuts for workers before an expected 2024 election and gave businesses investment incentives in an attempt to boost the economy.

The commodity-heavy FTSE 100 slipped 0.2%, lagging other regional markets, with heavyweight energy stocks tracking weak crude prices as an OPEC+ meeting was delayed.

Sage rose 13.3% to top the STOXX 600 after reporting an 18% rise in full-year underlying operating profit and said margins would continue to increase this year. The company also announced a 350 million pound share buyback programme.

Thyssenkrupp climbed 6.6% after the German submarine-to-steel group reported full-year results with “strong” free cash flow.

German fashion house Hugo Boss rose 3.0% after Deutsche Bank and BofA Global Research upgraded their ratings.

Adevinta gained 4.8% after a Permira and Blackstone led consortium offered to buy the online classifieds group for about 141 billion Norwegian crowns ($13.1 billion).

Monte dei Paschi di Siena recovered 2.0% after Tuesday’s 7.9% drop as Italy sold a 25% stake in the bailed-out bank. Meanwhile, rating agency Moody’s upgraded its ratings by one notch and confirmed its positive outlook.

Entain climbed 5.9% with traders linking the surge to a Financial Times report saying activist investors are putting pressure on the owner of betting group Ladbrokes.

Home improvement retailer Kingfisher shed 7.0% after downgrading its full-year profit outlook for the second time in only three months.

Comments

Comments are closed.