Earnings joy for Roche and Ericsson, but pain for Heineken
European stocks edged up on Wednesday (April 22), with the pan-European STOXX 600 rising around 1% in early trade.
Almost all major sectors traded higher, with a major drug company and telecoms firms among the top gainers.
Roche rose 1.5% as the Swiss drugmaker confirmed its 2020 sales and profit outlook.
The firm said it sees a rise in demand for its new COVID-19 tests.
Another strong performer was telecom gear supplier Ericsson, which rose 5% in early trade.
The Swedish firm posted better than expected quarterly earnings due to high demand for 5G network equipment.
A paint maker was the star earner on the STOXX 600 though.
Akzo Nobel jumped 7.7% after it reported a rise in first-quarter profit.
But the firm warned the full impact of the pandemic was still to come.
One big name that struggled as pubs and bars shut globally was Heineken.
The Dutch brewer reported a 14% slide in beer sales in March.
The maker of Tiger and Sol said Q1 profit fell by 68% to 94 million euros, or about 102 million dollars.
Heineken also said the second quarter would be worse.
The STOXX 600 has risen about 21% from its March low - driven by aggressive global stimulus.
All eyes now turn to Thursday's EU summit, where the bloc is due to discuss a joint long-term budget to restart economic growth.
