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European stocks closed at a new record high for the first time in more than two years as the semiconductor sector got a fresh leg up from Nvidia’s sparkling results.
The STOXX Europe 600 index
XX:SXXP,
which represents a continent-wide list of the bigger stocks, at one point in morning trade Thursday was up 0.8% to 495.81, in line to surpass the previous record close of 494.35 hit on January 5, 2022.
News overnight that U.S. AI-chipmaker Nvidia
NVDA,
had blown past lofty earnings expectations has triggered another bout of buying in Europe’s tech sector.
One of the biggest gainers was Netherlands-based BE Semiconductor Industries
BESI,
a maker of semiconductor assembly equipment, whose shares gained 5% as it also reported a boost from AI demand.
Similarly, the Dutch-listed shares of ASML
ASML,
one of the biggest chip equipment makers in the world, Paris-listed chipmaker STMicroelectronics
STMPA,
and its Frankfurt-listed peer Infineon Technologies
IFX,
also rose.
Germany’s DAX and France’s CAC 40
FR:PX1
have been in record territory for a while, with the Paris bourse providing propulsion via its big bevy of popular luxury goods groups such as LVMH
MC,
and Kering
KER,
A more immediate lift was coming on Thursday from German automobile groups, with Mercedes-Benz
MBG,
shares up nearly 5% and leading the sector’s charge after it raised its dividend and expanded its buyback program.
Other stocks lifting the index on Thursday, included London-listed drug maker Indivior
INDV,
which surged 22% after it swung to a fourth-quarter pretax profit and said it is considering moving its primary listing to the U.S. in 2024.
Rolls-Royce
RR,
shares jumped 8% to a record high after the aerospace and defense company delivered results that beat expectations.
However, weighing on the SXXP were shares of Nestle
NESN,
which fell nearly 5% after the world’s biggest food company gave downbeat sales forecasts.
