Europe open: Shares up on strong earnings reports
By Frank Prenesti
Date: Thursday 28 Apr 2022
(Sharecast News) - European stocks opened higher on Thursday as investors digested another earnings and corporate news dump and eyed Russia's threats to disrupt gas supplies to the continent.
The pan-European Stoxx 600 index was up 1.25% in early trade after a mixed session on Wall Street and positive close in Asia.
Markets had been shaken on Wednesday over energy supply fears after Russia's Gazprom halted gas supplies to Poland and Bulgaria.
Gazprom turned off the supply tap because they had refused to pay for the gas in roubles, an ultimatum issued by Russian dictator Vladimir Putin in order to raise cash to pay for his unprovoked invasion of Ukraine.
The move pushed European gas prices higher and the euro to a five-year low against the dollar earlier in the day.
In a results-heavy day, shares in banking software specialist Temenos soared almost 14% on reports that tech-focused private equity firm Thoma Bravo had approached it over a possible takeover.
Asia-focused bank Standard Chartered jumped 10.1% as it beat quarterly earnings forecasts, while Spain's Banco Sabadell was also higher on positive earnings.
Builders merchant Grafton was also higher after a jump in first-quarter revenue.
German online takeaway food company Delivery Hero fell 6% despite saying it was on track for a positive adjusted core profit this year.
UK supermarket group Sainsbury fell after warning of lower profits as higher inflation and a cost of living crisis would hit consumer spending.
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