Tuesday, July 2, 2024 04:42 PM
ABB leads industrials sector with strong Q1 profits
- ABB reports better-than-expected profits, driving 0.7% sector increase
- Sartorius faces 7.4% drop due to disappointing quarterly figures
- Nokia slips 2.2% after missing quarterly profit estimates
Image Credits: Business RecorderEuropean shares show mixed performance with ABB leading industrials sector, while Sartorius faces significant drop. Nokia also struggles in quarterly profits, impacting market sentiment.
European shares saw a mixed performance on Thursday, with a slight uptick in the benchmark index driven by positive results in the industrials sector. ABB, the Swiss engineering company, reported better-than-expected profits in the first quarter, leading to a 0.7% increase in the industrials sector. However, Sartorius, a lab supplies maker, experienced a significant drop of 7.4% due to disappointing quarterly figures.
The STOXX 600 index rose by 0.2% as the earnings season gained momentum. Industrials emerged as the top performer, buoyed by ABB's strong performance. Conversely, the healthcare sector faced a setback with a 0.3% decline, largely influenced by Sartorius' poor showing.
On an individual stock level, Nokia also faced challenges, slipping 2.2% after falling short of quarterly profit estimates. The overall market sentiment remains cautious as investors closely monitor company performances during this earnings season.
