Earnings, Prosus lift European stocks at end of choppy April
2022.04.29 12:20
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 28, 2022. REUTERS/Staff
(Reuters) – European shares rose on Friday as strong earnings reports and a rally in mining and technology stocks boosted risk appetite at the end of a volatile month dominated by concerns about slowing global growth.
The pan-European STOXX 600 index rose 0.8% by 0711 GMT, trimming its monthly declines to 1.1%.
Miners rallied 1.9% to lead sectoral gains, while technology stocks rose 1.7% following a surge in U.S. peers overnight. [.N]
Dutch technology investor Prosus (OTC:PROSF) NV, which has a major stake in China’s Tencent, jumped 8.3% after a report said U.S. and Chinese regulators are negotiating on-site audits in a key step to avoid U.S. delistings of Chinese companies.
Danish company Novo Nordisk (NYSE:NVO) gained 5.4% after it lifted its sales and operating profit outlook for the year, while French construction materials group Saint-Gobain rose 3.7% after it posted record first-quarter sales.
Dutch chipmaking equipment supplier BE Semiconductor slumped 6.2% after it said its order intake in 2022 has been limited by lower demand for high-end smartphones and weakness in Chinese markets.
Eurozone consumer prices data for April as well as the first reading of first-quarter GDP growth is due later in the day.
