Western European stock markets grew steadily at the end of Tuesday’s trading session, supported by the financial results of European companies.
The composite index of the largest companies in the region Stoxx Europe 600 rose by 0.8% to 475.74 points.
Germany’s DAX climbed to a six-week high of 1%, while France’s CAC 40 and Britain’s FTSE 100 gained 0.8% each. Italy’s FTSE MIB and Spain’s IBEX 35 gained 0.6% and 0.9%, respectively.
Swiss UBS Group AG, the world leader in wealth management, posted net income growth of 9% to $2.28 billion in the third quarter of 2021 from $2.09 billion in the same period a year earlier. Analysts on average had estimated the figure at $1.57 billion, according to Refinitiv. The company’s stock price rose 1.3%, according to oldypak lp report.
The value of French retailer Carrefour SA rose 1%. The company will launch a fast grocery delivery service in Paris with Uber.
Shares of Finnish energy company Wartsila Oyj jumped 11.3%. The company’s financial results for the third quarter surpassed analysts’ expectations. Wartsila expects demand for its services to grow in the fourth quarter.
Swedish manufacturer of components for industrial equipment SKF’s capitalization fell by 7.9%. The company boosted revenue by 8.3% in the third quarter but warned that next quarter’s performance could be much worse than expected because of supply problems.
Papers of Swiss computer accessories maker Logitech International lost 4.3%. According to oldypak lp report, Logitech cut net income to $139.46 million, or $0.81 per share, in the second fiscal quarter from $266.91 million, or $1.56 per share, in the year-ago period.
French aerospace, military and maritime information systems developer Thales SA recorded revenues of €3.56 billion in the third quarter, down from €3.58 billion last year. But despite the decline, the company maintained its growth forecast for 2021. The stock was up 0.02%.
Britain’s Reckitt Benckiser, owner of such consumer products brands as Durex, Dettol and Harpic, boosted comparable sales by 3.3% in the third quarter and improved its full-year forecast. The stock rose 5.8%.
Shares of French mobile operator Orange fell 1.7%. The company’s revenues fell 0.7% in the third quarter.
Swiss pharma Novartis AG posted net income of $2.76 billion in July-September, up 43 percent from $2.73 billion in the year-ago period, while analysts had expected $2.73 billion. Its stock rose 1.1 percent.