Investors flocked to JDE Peet’s shares on Wednesday following the Dutch coffee group’s strong results, while Danone and Stellantis also performed well on a positive day for European markets.
The Stoxx Europe 600 index SXXP, -0.28 percent rose 0.7 percent to 458.51, with markets slightly less concerned about Russia-Ukraine tensions but not taking their gaze away from the crisis. Additional sanctions were imposed by countries against Russia, but investors perceived them to be less severe than anticipated.
The German DAX DAX, -0.42 percent, which is considered the most vulnerable to Russia’s stress due to its reliance on Russian natural gas, increased by 0.8 percent, while the French CAC 40 PX1, -0.10 percent increased by 1.2 percent and the FTSE 100 UKX, +0.05 percent increased by 0.5 percent. The euro EURUSD, -0.50%, and pound GBPUSD, -0.30% were both marginally higher against the dollar.
European gas prices have increased by more than 7%, according to Dutch Title Transfer Facility futures.
JDE Peet’s JDEP, +14.30 percent stock soared 15% after the owner of the Douwe Egberts, Peet’s Coffee, and L’Or brands reported a doubling of profits last year as coronavirus-related restrictions were lifted across the company’s regions. The company anticipates organic sales growth in the double digits in 2022 and has declared a 70 euro cent dividend for 2021.