(Reuters) – European shares opened higher on Wednesday, as a slew of upbeat corporate earnings lifted sentiment, although gains were capped after heavyweight Novo Nordisk (NYSE:) missed estimates for its second-quarter operating profit.
The continent-wide was up 0.5% at 491.07 points, as of 0712 GMT.
The healthcare sub-index lost 0.7%, the most among regional sectors.
Novo Nordisk dropped 6.6% after the obesity drugmaker posted quarterly operating profit below expectations and also cut its annual profit outlook.
Shares of Roche gained 1.5% following a report that the Swiss pharmaceutical company is considering divesting in Flatiron Health.
Among other notable moves, car parts maker Continental jumped 5% after it trounced expectations for second-quarter results.
Bucking the trend, Puma lost 12.5% after the German sportswear maker narrowed down its outlook for full-year core profit.
Commerzbank (ETR:), one of Germany’s best-known banks, lost 5.5% after its second-quarter net profit dropped 5%.
Beiersdorf slipped nearly 4% despite the Nivea maker reporting a 7.1% organic sales growth for the first half of the year.
Investors will keep an eye out for comments from European Central Bank member Olli Rehn and board member Elizabeth McCaul due to speak later in the day.