Investors were scooping up shares of JDE Peet’s on Wednesday after the Dutch coffee group reported strong results, while Danone and Stellantis were also shining on a positive day overall for European markets.
The Stoxx Europe 600 index
SXXP,
climbed 0.7% to 458.51, with markets somewhat slightly less stressed about over Russia-Ukraine worries, yet not taking their eyes off that crisis. More sanctions rolled out from countries against Russia, but investors viewed those measures as less severe than expected.
The German DAX
DAX,
viewed as most vulnerable to Russia stress given its dependence on natural gas from that country, rose 0.8%, w hile the French CAC 40
PX1,
climbed 1.2% and the FTSE 100
UKX,
was up 0.5%. The euro
EURUSD,
and pound
GBPUSD,
were both up modestly against the dollar.
European gas prices, based on the Dutch Title Transfer Facility futures, climbed over 7%.
JDE Peet’s
JDEP,
stock surged 15% after the owner of Douwe Egberts, Peet’s Coffee and L’Or brands reported doubling of profits last year as coronavirus-induced restrictions were lifted across its regions. The company expects to deliver double-digit organic sales growth in 2022, and declared a 2021 dividend of 70 euro cents.
Danone
0KFX,
shares rose nearly 5% after the French food giant reporting 1.92 billion euros ($2.17 billion) in net profit, and a 1.1% drop in recurring net income to EUR2.17 billion that still beat forecasts. Full-year sales increased 3.4% on a like-for-like basis and the company said it would propose a dividend of EUR1.94 a share for 2021.
Investment vehicle Porsche Automobil Holding
PAH3,
climbed 6%, with the stock continuing to gain after a day after Volkswagen
VOW3,
said it was considering a spinoff of Porsche with its own separate listing.
Stellantis
STLA,
shares surged more than 6% after the car maker posted strong results and beat its profitability target for 2021.
On the downside, Storskogen Group
STOR.B,
stock sank 18% after worse than expected results from the Swedish investment group.
This post was originally published on Market Watch
