European shares inched higher on Thursday

European shares inched higher on Thursday as better-than-expected results from chipmaker STMicro delivered a boost to the tech sector, while oil stocks weighed on the market.

European Shares

The pan-European STOXX 600 (STOXX) gained 0.1 percent by 0843 GMT, in line with Germany’s DAX (GDAXI) while Britain’s FTSE 100 (FTSE) fell 0.4 percent.

Chipmaker STMicroelectronics (MI:STM) jumped 7 percent after reporting a fourth-quarter margin slightly above targets, though it predicted a sharp fall in first-quarter sales.

The tech sector (SX8P) climbed 1.4 percent as investors pounced on the bit of good news from chipmakers which have been grappling with slowing demand.

AMS (S:AMS), Siltronic (DE:WAFGn), Infineon (DE:IFXGn), ASML (AS:ASML) jumped 3.7 percent to 73 percent.

Broker notes moved some stocks.

Delivery Hero (DE:DHER) shares fell 3.8 percent after JP Morgan cut the stock to “neutral” from “overweight”.

Swiss chocolate maker Barry Callebaut (S:BARN) climbed 4.9 percent with traders citing an upgrade from Goldman Sachs (NYSE:GS), while Fresenius climbed 3.6 percent after BAML upgraded it to “buy”.



Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More