European shares gave up early gains to close little changed on Thursday as investors assessed signs of stalling business activity and a raft of earnings from the likes of online gaming group Evolution, carmaker Renault and consumer major Unilever.
The pan-European Stoxx 600 index ended flat following three straight sessions in the red.
Dublin
The Iseq finished little changed, despite a decent gain for its most active stock during the session, Kerry Group. The food giant advanced 1.8 per cent to €94.50 on a day when it said it was on track to meet its full-year earnings guidance, despite muted demand across many food and beverage markets.
Cairn Homes was another climber, rising 1.1 per cent to €2.16. AIB edged up 0.4 per cent to €4.93, while Bank of Ireland was flat at €8.91.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
But Ryanair slid 0.7 per cent to €17.69, while insulation group Kingspan declined 1.3 per cent to €79.40.
London
The FTSE 100 blue-chip stock index edged 0.13 per cent higher, buoyed by upbeat corporate earnings and economic data that bolstered bets of more rate cuts from the Bank of England. The domestically focused FTSE 250 slipped 0.2 per cent.
Unilever gained 2.9 per cent after the consumer goods giant beat third-quarter underlying sales estimates, while Barclays rose 4.1 per cent after the British bank reported a forecast-beating 18 per cent rise in third-quarter profit.
A 2.9 per cent jump in Anglo American lifted the industrial metal miners’ sector after the global miner maintained its copper and diamond production forecasts.
IT services provider Softcat jumped 10 per cent after it beat expectations for annual profit, while Bloomsbury Publishing, best known for publishing JK Rowling’s Harry Potter books, climbed 8.2 per cent after it forecast a stronger-than-expected annual profit.
In contrast, Abrdn slumped 11.2 per cent after the fund manager reported deeper-than-expected outflows of client funds.
Europe
Travel and leisure led sectoral gains with a 3.2 per cent jump to a near seven-month high, as Sweden’s Evolution soared 15 per cent after reporting third-quarter earnings in line with forecasts despite ongoing issues with its Georgian workforce.
Luxury stocks were next in line, with Hermes up 1 per cent after the Birkin bag maker reported a hefty rise in third-quarter sales.
The automobiles sector, which has underperformed through much of the year, got a lift from French carmaker Renault’s 4.7 per cent rise following an unexpected increase in its quarterly revenue.
The personal and household goods index rose nearly 1.1 per cent. However, a survey showing euro zone business activity stalled again this month and remained in contractionary territory kept the optimism in check.
French vouchers group Edenred slumped 14.6 per cent after missing revenue expectations, while Hemnet lost 8 per cent after the Swedish property platform operator reported third-quarter earnings below estimates.
Stora Enso missed market expectations for third-quarter operating profit, sending shares of the Finnish forestry company down 3.5 per cent.
US
The Nasdaq jumped in early trading, driven by Tesla’s positive earnings forecast, which buoyed market sentiment despite declines from other corporate results and pressure from rising Treasury yields.
Shares of the company soared 19 per cent after it reported robust third-quarter profits and surprised investors with a prediction of 20 per cent to 30 per cent sales growth next year.
However, sentiment was shaky elsewhere. Other mega-cap growth stocks reversed early gains, with Nvidia down 0.2 per cent and Apple losing 0.5 per cent.
IBM lost 6.5 per cent after missing third-quarter revenue estimates, Boeing declined 2 per cent after factory workers voted on Wednesday to reject a contract offer and continue a more than five-week-long strike.
Additional reporting: Reuters
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
