Ericsson rises; ArcelorMittal, Wise sink (Il Sole 24 Ore Radiocor) - 16 Apr - In European stock market dealings most sectors were lower, with banks and energy shares among the leading losers.

Telecoms stocks kept their head above water in morning trade but succumbed to the selloff later despite Swedish major Ericsson posting better-than-expected profits in the first quarter.

Ericsson shares ended up 4.5% after it said that in the first quarter of 2024 diluted earnings per share rose 71% to 0.77 crowns on improved profitability.

Shares of the Luxembourg-based steelmaker ArcelorMittal sank 6.9% in Paris after Deutsche Bank cut its recommendation on the stock to "hold" from "buy" and reduced the target price to 29 euros from 31. Deutsche Bank analysts highlighted concerns about the evolution of steel demand, given that a rebound in strategic markets has been limited while industrial activity demand in China remains weak.

Shares in Dr Martens plummeted around 30% to touch record lows after the UK footwear group said that its pretax profit in fiscal 2025 could be a third of the level posted in fiscal 2024 because of difficulties in the US.

In London trade Wise shares fell 8.3% after the company reported full-year revenue below analysts' expectations.

AAA-Sje

(RADIOCOR) 16-04-24 18:25:40 (0684) 5 NNNN