European Shares Mixed In Cautious Trade; Commodity Stocks Outperform
Posted On July 26, 2022
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(RTTNews) – European stocks were trading mixed on Tuesday as commodity-linked stocks gained ground, offsetting worries about an impending recession.
Growing energy crisis remained on investors’ radar after Russian state-owned energy company Gazprom said it will further cut gas flows through Nord Stream 1, Russia’s biggest gas pipeline to Europe.
The pan European Stoxx 600 was up 0.2 percent at 426.88 after closing 0.1 percent higher on Monday.
The German DAX slipped 0.3 percent and France’s CAC 40 was marginally lower while the U.K.’s FTSE 100 was up 0.6 percent.
Swiss Bank UBS plunged 5.4 percent after reporting weaker-than-expected profit in the second quarter.
Chocolate maker Lindt & Spruengli surged 4.3 percent after raising its sales guidance and unveiling a 1 billion Swiss franc ($1.04 billion) share buyback program.
Miners Anglo American, Antofagasta and Glencore all rose around 2 percent, tracking higher base metals and iron ore prices.
Oil & gas firm BP Plc and Shell also were up around 2 percent each as oil extended overnight gains amid signs of tight supplies.
Consumer goods company Unilever added 2.4 percent after raising its full-year sales guidance.
EasyJet jumped 3.7 percent. The low-cost carrier said that it expects the capacity and cost impacts of the disruption to be “a one-off this summer”, with “greater resilience” forecast for the 2023 peak travel periods.
Rolls-Royce advanced 1.6 percent. The aerospace and defense firm named a private equity partner and former BP executive to succeed Warren East as the company’s chief executive.
Eutelsat tumbled 3 percent in Paris after its fiscal 2022 revenue declined 6.7 percent to 1.15 billion euros from 1.23 billion euros last year.
Construction equipment manufacturer Wacker Neuson declined 1.1 percent. The company said it expects group revenue for the second-quarter 2022 to be about 548.1 million euros compared to 494.3 million euros in the prior year.
Stratec slumped 13 percent. The company, which develops and produces analyzer systems and automation systems in the field of in-vitro-diagnostics, expects consolidated sales to be 137.2 million euros for the first half of 2022 compared to 155.8 million euros last year.