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Earnings drive the day as European stocks falter at one-month highs

Published 19-07-2018, 01:05 pm
© Reuters.  Earnings drive the day as European stocks falter at one-month highs
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LONDON, July 19 (Reuters) - European stocks were caught in a tug-of-war on Thursday as results drove sharp price swings in advertising, tech and industrials stocks.

As the earnings season got into full swing, the pan-European STOXX 600 .STOXX hovered at the one-month high it reached in the previous session, as investors focused on a mixed bag of company results.

Europe's biggest tech stock, business software provider SAP SAPG.DE , was the heaviest drag on the index, falling 2.1 percent to the bottom of Germany's DAX after its second-quarter results showed weaker than expected licenses growth.

Also a big faller was French advertising agency Publicis PUBP.PA , its shares tumbling 8.7 percent after an unexpected drop in second-quarter sales due to underperformance at its U.S. healthcare communications business. took British rival WPP WPP.L down 2.7 percent along with it.

Another disappointment came from Anglo-Dutch consumer goods giant Unilever ULVR.L whose shares fell 0.4 percent after its second-quarter sales fell short of expectations. winners after results, French telecoms firm Iliad ILD.PA was boosted up 8.2 percent by news the company had reached 1 million subscribers in Italy and would extend its low-cost offer.

Strong results drove industrials stocks higher. Swiss engineering firm ABB ABBN.S climbed 5.1 percent after its second-quarter profit topped estimates, while Swedish industrial machinery supplier SKF SKFb.ST also gained 3.6 percent.

Results drove lock maker Dormakaba DOKA.S down 12 percent to the bottom of the STOXX.

Bank stocks were the biggest support to the index, thanks to Sweden's Nordea NDA.ST and Spain's Sabadell SABE.MC both rising after results.

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