Thursday, 23 May 2024

European stocks rise supported by the industrial sector

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European stocks rose on Thursday, with the industrial sector supporting the benchmark index following positive results from ABB Group, while Sartorius shares, listed on the German stock exchange, headed towards recording the largest decline in six months after the number of orders declined on a quarterly basis.

According to Reuters, the European STOXX 600 index rose 0.2% by 0717 GMT, with the increasing momentum of the corporate results announcement season.

The industrial sector index provided the greatest support and rose 0.7%, driven by a six percent jump in ABB shares after the Swiss engineering company’s profits exceeded market expectations in the first quarter.

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As for Sartorius shares, it fell 7.4% to the bottom of the benchmark index after the first quarter numbers issued by the French-German laboratory supplies maker were lower than analysts’ expectations regarding the number of orders and revenues.

The health care sector as a whole recorded the largest losses on the STOXX index, and the sector index fell 0.3%.

Among the losing stocks, Nokia shares fell 2.2% after the Finnish telecommunications equipment maker’s quarterly profit numbers came in below estimates.

As for Sartorius shares, it fell 7.4% to the bottom of the benchmark index after the first quarter numbers issued by the French-German laboratory supplies maker were lower than analysts’ expectations regarding the number of orders and revenues.

The health care sector as a whole recorded the largest losses on the STOXX index, and the sector index fell 0.3%.

Among the losing stocks, Nokia shares fell 2.2% after the Finnish telecommunications equipment maker’s quarterly profit numbers came in below estimates.

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