Industrials drive STOXX 600 higher as earnings season gathers steam

18 Apr, 2024

European shares edged higher on Thursday, with the industrials lifting the benchmark index following ABB’s upbeat results, while Germany-listed Sartorius was on track for its biggest drop in six months after bleak quarterly orders.

The continent-wide STOXX 600 was up 0.2%, as of 0717 GMT, as the earnings season picks up steam.

The industrials sector was the biggest boost with a 0.7% jump, driven by a nearly 6% rise in ABB as the Swiss engineering company’s profit trounced market expectations in the first quarter.

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Shares of Sartorius slid 7.4% to the bottom of the benchmark index after the Franco-German lab supplies maker’s first-quarter figures missed analysts’ expectations for order intake and revenue.

The broader healthcare sector was the biggest drag on the STOXX with a 0.3% drop.

Among others, Nokia slipped 2.2% after the Finnish telecom gear maker’s quarterly profit figures missed estimates.

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