Europe’s retail stocks were among the top performers during morning trade, up around 0.5% amid earnings news. Supermarket group Tesco reported a stronger-than-anticipated 34% rise in full-year operating profit on Wednesday, putting the company firmly on track to meet the majority of its turnaround goals. Shares of Britain’s biggest retailer rose 1% on the news.
Looking at individual stocks, Danish engineering group FLSmidth surged to the top of the European benchmark after Morgan Stanley raised its stock recommendation to “overweight” through “equal-weight.” Shares of the Copenhagen-listed firm advanced over 5%.
Meanwhile, Norway’s Schibsted slumped to the bottom of the index Wednesday morning, with shares down more than 2%. the item comes after Adevinta — a spin-off through media company Schibsted — completed a long-planned initial public offering (IPO) on Tuesday.
Shares of Indivior tanked 44 percent during morning deals after the U.S. Justice Department accused the British drug-maker of illegally boosting prescriptions for the film type of its blockbuster opioid addiction treatment Suboxone, Reuters reported.