European stocks stagnate as Deutsche Post decline offsets profit rise From Reuters

©Reuters. The DAX chart of the German stock index is pictured at the stock exchange in Frankfurt, Germany, February 6, 2024. REUTERS/staff

(Reuters) – European shares opened unchanged on Wednesday, as gains from companies with strong earnings results were offset by declines in Deutsche Post (OTC:).

The pan-European index was unchanged at 486.57 points at 0826 GMT.

TeamViewer shares jumped 10.9% to the top of the benchmark index after the German software developer reported better-than-expected fourth-quarter revenue and earnings.

Energy companies were at the forefront of a profit-filled session, with Vestas shares rising 6.3% after the Danish wind turbine maker beat fourth-quarter operating profit forecasts.

On the other hand, Equinor fell 3.7% after the Norwegian oil and gas producer reported a better-than-expected operating profit for the quarter but said it will cut overall payouts to shareholders in 2024.

The oil and gas sector gained 0.2%.

In index terms, Deutsche Post lost 4% after German state bank KfW sold 50 million shares of the group for 2.17 billion euros.

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