- Oil and mining stocks helped the EURONEXT to post some gains on Wednesday.
- European stocks may come under pressure amid Russia’s halt of gas supply to Poland and Bulgaria.
Materials gained 4.5% on Wednesday, breaking a three-day losing streak for European stocks.
Growth was slowed down by measures taken by Russian energy giant Gazprom to halt gas deliveries to Bulgaria and Poland, as well as declining consumer morale in Germany.
Euro Stoxx 600 rose 0.7% after hitting a six-week low at the open. Stocks of mining and oil companies rose for the second day in a row, with the former expected to erase Monday’s entire 6% decline.
The Cac 40 gained 0.5% in Paris, while German stocks, which had underperformed during the session, rose 0.3% in Frankfurt with the Dax.
In Germany, Mercedes-Benz and grocery set maker HelloFresh both reported positive earnings.
The ISEQ index gained 0.5%, in line with trends across Europe, but the Bank of Ireland plunged nearly 12.5% despite analysts at Davy issuing a “robust” forecast following Tuesday’s trade update. Francesca McDonagh, the company’s CEO, leaves in September for a job at Credit Suisse. In the banking sector, the euro closed at 5.87.
Cairn Homes also fell, ending the session down 1.9% below $1.13. AIB fell 2.1% to $1.98, and Cairn Homes fell 2.1% to $1.98.
Other shares rose, with building materials group CRH gaining 0.5% to €37.70 after its annual general meeting, while shares of Ryanair rose 3.2% to close at €14.29.
Food group Kerry was up 2.9% to 103.65 euros, while packaging company Smurfit Kappa was up 2.1% to 39.06 euros.
Despite warnings that a Russian-Ukrainian conflict could hurt full-time results, Deutsche Bank’s 5.6% loss limited growth. At the same time, a survey indicated that German consumer sentiment will hit historic lows in May due to escalating costs in the U.S. Ukraine. As a result, post-pandemic recovery hopes were dashed.
