Industrials drive STOXX 600 higher as earnings season gathers steam

By Thomson Reuters Apr 18, 2024 | 2:28 AM

(Reuters) – 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.

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.

(Reporting by Johann M Cherian in Bengaluru and Ozan Ergenay in Gdansk; Editing by Sherry Jacob-Phillips)