Portfolio

Europe close: Stocks end week mostly higher

By Alexander Bueso

Date: Friday 16 Feb 2024

Europe close: Stocks end week mostly higher

(Sharecast News) - European stocks extended gains Friday, even as investors digested hotter-than-expected US inflation data.
Those figures came amid the foreboding news of the death of the leader of Russia's political opposition, Alexei Navalny.

The Stoxx 600 index was up 0.62% at 491.59, with almost all major bourses higher alongside.

Germany's Dax was also higher, climbing 0.42% to 17,117.44, but Spain's Ibex 35 was left out and gave up 0.41% to 9,886.40.

In equity news, shares in Swiss banking software vendor Temenos remained under selling pressure after Hindenburg Research shorted the company alleging "accounting irregularities, failed products and an illusive turnaround".

The US investment research firm says a four-month investigation into Temenos, involving interviews with 25 former employees, including senior leaders at the company, uncovered hallmarks of manipulated earnings and major accounting irregularities.

Shares in Metso jumped almost 9% after the Finnish mining equipment maker reported a Q4 profit beat and gave upbeat outlook for its aggregates unit.

NatWest gained 7% after the lender beat expectations with a 20% increase in full-year pre-tax operating profit.

Barclays initiated coverage of Dowlais on Friday with an 'overweight' rating and 110p price target, sending shares in the engineering firm spun off from defence contractor Melrose higher.

Nibe shares were down 13% as the Swedish heating technology group reported large fluctuations in demand and a clear decline in the European heat pump market in the second half of last year.

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