Europe midday: Shares cling on to gains in muted session

European shares were slightly ahead at midday on Wednesday as investors struggled to find any meaningful direction.

The pan-European STOXX 600 index rose 0.17% in early trading. Regional bourses were mixed with Germany’s DAX up 0.12% after German retail sales fell much more than expected in April as further Covid-19 restrictions were introduced, according to figures released by the government statistics agency Destatis.

“Wednesday could be a day where the markets tread water, saving their energies for the US jobs focused sessions on Thursday and Friday, which bring the unemployment claims and latest nonfarm data respectively,” said Spreadex analyst Connor Campbell.

Energy stocks rose on the back gains in crude oil prices after OPEC producers maintained plans to resume oil supplies to the markets in June and July.

In equity news, shares in Swedish car and truck manufacturer Volvo rose after the company’s board proposed that the proceeds from the sale of UD Trucks be distributed to shareholders.

Danish luxury TV and stereo maker Bang & Olufsen jumped 9% after an upbeat full-year earnings forecast.

East Europe-focused budget carrier Wizz Air fell after it reported a €576m net loss for the year as revenue and passenger numbers plunged amid the coronavirus pandemic. The company also said it would post another loss in 2022 unless travel restrictions were lifted quickly and permanently.

Italy’s Interpump Group climbed 6.7% to lead the Stoxx 600 after announcing an acquisition.

German mass media house ProSiebenSat.1 fell 2.39% after chief executive officer Rainer Beaujean said it “does not need any help from outside” amid calls to consolidate the European broadcasting industry.