January 24, 2019 / 8:44 AM / in a month

STMicro results trigger tech boost for European stocks

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LONDON, Jan 24 (Reuters) - European shares inched higher on Thursday as better-than-expected results from chipmaker STMicro delivered a boost to the tech sector, while oil stocks weighed on the market.

The pan-European STOXX 600 gained 0.1 percent by 0843 GMT, in line with Germany’s DAX while Britain’s FTSE 100 fell 0.4 percent.

Chipmaker STMicroelectronics jumped 7 percent after reporting a fourth-quarter margin slightly above targets, though it predicted a sharp fall in first-quarter sales.

The tech sector climbed 1.4 percent as investors pounced on the bit of good news from chipmakers which have been grappling with slowing demand.

AMS, Siltronic, Infineon, ASML jumped 3.7 percent to 73 percent.

Disappointing results dented some.

Shares in Danish pharmaceuticals company Novozymes fell 4.3 percent, the biggest STOXX fallers, after the CFO said Middle East markets were likely to remain weak in 2019.

Italian fashion brand Tod’s was also punished by the market, falling 6.2 percent after it said like-for-like sales for 2018 fell 3 percent due to a worsening of the performance in Italy and the rest of Europe.

Broker notes moved some stocks.

Delivery Hero shares fell 3.8 percent after JP Morgan cut the stock to “neutral” from “overweight”.

Swiss chocolate maker Barry Callebaut climbed 4.9 percent with traders citing an upgrade from Goldman Sachs, while Fresenius climbed 3.6 percent after BAML upgraded it to “buy”. (Reporting by Helen Reid, Editing by Josephine Mason)

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