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Europe open: Shares subdued despite solid regional bank earnings

Wed 28 April 2021 08:45 | A A A

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7032.85 | Negative 10.76 (0.15%)
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(Sharecast News) - European stocks struggled for direction at the opening on Wednesday with strong results from Deutsche Bank, Lloyds Banking Group and Santander boosting local markets.

The pan-European STOXX 600 index was down 0.4% in early trading. UK, German and French markets all modestly outperformed the benchmark.

Deutsche Bank shares jumped 6.1% to the top of the Stoxx as strength at its investment bank helped offset headwinds from restructuring and the pandemic. Lloyds rose 4.2% after reporting a better-than-expected profit and lower Covid-19 bad debt provisions. Sweden's SEB and Spain's Santander were also higher after quarterly results, while Commerzbank also gained.

Reckitt Benckiser fell despite the company maintaining full-year guidance.

Shares in building supplies group Travis Perkins slumped more than 10% after its shareholders approved the demerger of Wickes Group.

The spinoff plans were originally unveiled by Travis Perkins in December 2018 with a view to focusing on its advantaged trade businesses and simplifying the group to enable a more streamlined cost structure. However, the plans were put on hold in March 2020 when the Covid pandemic took hold.

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