Markets

European markets lower; Vestas down 7%; Straumann up 10%

The pan-European Stoxx 600 was down 0.8 percent in morning deals following a day of gains Wednesday. All major bourses and the majority of sectors fell into negative territory.

Oil and gas was the biggest laggard in morning deals as oil prices dipped lower as glut concerns continued to hurt sentiment. Brent crude was trading down 0.04 percent at $50.23 per barrel while WTI crude was down 0.2 percent at $46.69

The construction and materials sector also dipped lower Thursday morning, led by falls for British home improvement retailer Kingfisher. The business reported a fall in quarterly sales Thursday as it struggled with a slowdown at its B&Q business and weakening demand from France. The results will hurt the company’s restructuring plans and caused the stock to dip 5.2 percent.

Danish wind turbine manufacturer Vestas also fell lower, down 7 percent, after reporting lower-than-expected operating profit in its second quarter results released Thursday. Despite this, the company has retained its forecast for 2017.

Swiss toilet maker Geberit was down 5.2 percent after missing second quarter profit expectations.

On the other end, shares of Swiss dental implant maker Straumann hit an all time high and rose 10 percent to the top of the European benchmark after earnings beat market expectations. The business also reported more than $150 million in acquisitions which should help grow the business.

Gn Store Nord, a Danish manufacturer of hearing instruments, rose almost 6 percent on reports that it is to produce over the counter hearing aids in the U.S. Additionally, Danish pharmaceutical company Novo Nordisk moved higher after revealing its new drug had succeeded in tests to reduce glucose levels, paving the way for a new type 2 diabetes therapy. The stock was up 2.8 percent.

Elsewhere, new data released by the British Chambers of Commerce Thursday showed that exporter confidence has softened due to currency fluctuations and a shortage of skilled workers post-Brexit. This comes as Office for National Statistics announced that the number of EU citizens working in the U.K. has hit a record high.

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