European shares open higher on oil sector, earnings boost
2024.07.29 03:40
(Reuters) – European shares kicked off the week on a positive note, buoyed by the global oil sector amid fears of a widening conflict in the Middle East and as a raft of upbeat earnings updates also lifted the overall market sentiment.
The pan-European index was up 0.4%, as of 0713 GMT on Monday, after the benchmark posted marginal gains last week.
Oil and gas stocks gained 1.3%, the most among regional sectors, as crude prices inched higher following a rocket strike in the Israeli-occupied Golan Heights. [O/R]
Among individual stocks, Philips soared 8.6% after the Dutch medical devices maker reported an estimate-beating quarterly results, boosted by higher earnings and the implementation of its restructuring programme.
Shares of Germany’s Merck were up 3.6% after the company raised its forecast for the group, mainly driven by a strong operating performance at its healthcare and electronics units.
Keeping gains in check, Heineken (AS:) lost 6% after the Dutch brewer missed estimates for half-year operating profit growth, even as it raised its full-year profit outlook.
Shares of Reckitt Benckiser (LON:) slumped 9.2% as close to 1,000 lawsuits have been filed against Abbott Laboratories (NYSE:) and the Enfamil formula maker.
A jury on Friday found that Abbott’s specialized formula for premature infants caused an Illinois girl to develop a dangerous bowel disease, ordering the healthcare company to pay $495 million in damages.
