European stock flies up
European stock approached the highest positions in two weeks on April 28. Positive Q1 earnings reports from the large companies such as UBS and Novartis proved to be a more powerful stimulus than a new oil slump.
At 11:22 SGT the pan-regional STOXX 600 gained 0.1% following the closure at the highest level since the middle of April on April 27. The development follows the plans of easing some of the containment measures revealed by many countries on the continent.
European oil & gas sector still dropped 0.6%. Following the oil prices slump, which is still driven by the anxiety about lacking crude storage capacity around the world.
BP stock fell 1.8%. The company warned of a noticeably smaller refining margins in Q2. The Q1 profits fell by around 60% as the pandemic reduced the demand worldwide.
The worst performance was demonstrated by the German financial company Wirecard. It lost 21.3% after the results of the the audit by KPMG were published.
The banking sector got a positive boost with the UBS revealing a 4.3% gains, following the reports of a 40% growth in Q1.