Europe benchmarks were mixed again on Wednesday after solid corporate earnings helped to lift some stocks across the Continent but weakness in sectors like oil and gas offset what could easily have been a positive session for most markets.
Frankfurt recovered some of the ground lost earlier in the week while London gave back the day's gains at the last minute and Paris remained under pressure throughout in the absence of positive offsets to losses in the oil, gas and industrials sectors.
The FTSE 100 in London slipped by 0.06% to close at 7,334 while the DAX in Frankfurt added 0.01% to settle at 11,967. The CAC 40 in Paris slipped by 0.11% to 4,960.
In Southern Europe, the FTSE MIB rose by 0.14% in Milan to close at 19,482 while the IBEX in Madrid took the lead among large benchmarks with a gain of 0.50% for the session, closing at 9,850.
In individual stocks the top gainer among U.K. blue chips was financial technology firm, Worldpay (WPYGY) , which rose by nearly 5%. It said saw its profit before tax rise to £264 million ($330 million) during 2016, up from £19 million in the previous year.
The payments firm said that strong growth in transactions underpinned its results for the year, which isn't surprising given the double-digit rates of growth seen in the proportion of U.K. retail sales that are shifting online. Not to mention the increasing availability of digital payment services.
In Germany, sports clothing retailer Adidas (ADDYY) saw earnings jump nearly 60% to hit the €1 billion threshold for the first time and upgraded its growth forecasts for the year ahead.The shares gained more than 8% in response to the announcement. Adidas also annnounced plans to put CCM Hockey up for sale. http://pipeline.thedeal.com/article/14031618/index.dl
German airline, Deutsche Lufthansa (DLAKY) , outpaced the rest of the European airline sector when it gained 2.9% for the session, pushing it close to the top of the DAX.
The stock was lifted after a senior executive told reporters at an industry conference in Berlin that it has a clear plan for the integration of Air Berlin (AIBEF) into its budget carrier Eurowings and that it could pursue more deals once this is complete.
In France, Total (TOT) - Get Total SA Sponsored ADR Class B Report and Engie (ENGIY) were among the top fallers on the CAC 40, amid a generally weak oil and gas sector, while cement maker Holcim (HCMLY) was the top faller after having dropped 1.15%.