© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 6, 2024. REUTERS/Staff
(Reuters) – European shares were flat at open on Wednesday as the gains in companies with upbeat earnings reports were offset by a slide in Deutsche Post (OTC:).
The pan-European index was unchanged at 486.57 points as of 0826 GMT.
TeamViewer’s shares jumped 10.9% to the top of the benchmark index after the German software developer reported higher-than-expected fourth-quarter revenue and earnings.
Energy companies were at the forefront of an earnings-heavy session, with shares of Vestas rising 6.3% after the Danish wind turbine maker beat fourth-quarter operating earnings forecasts.
On the flip side, Equinor shed 3.7% after the Norwegian oil and gas producer posted higher-than-expected operating profit for the quarter, but said it would cut its overall payments to shareholders in 2024.
The oil and gas sector, however, gained 0.2%.
Weighing on the index, Deutsche Post lost 4% after Germany’s state-owned KfW bank sold 50 million shares in the group for 2.17 billion euros.