(Reuters) – European stocks edged up on Wednesday, as bullish profits from German software company SAP and French luxury goods maker LVMH offset concerns about a potential setback in the continent’s COVID-19 vaccination program .
The pan-European STOXX 600 index rose 0.1% to 0707 GMT, with the tech and personal and household goods sectors among the top gainers.
SAP rose 2.6% after improving its 2021 revenue outlook after releasing first quarter results that showed gains in cloud sales.
LVMH gained 2.5% after sales rebounded much faster than expected in early 2021, as Chinese and US buyers took advantage of the easing of restrictions on COVID-19.
Other luxury stocks such as Kering, Richemont and Hermès added between 0.9% and 1.9%.
Britain’s largest retailer Tesco fell 3% after reporting a 20% drop in full-year pre-tax profit.
Meanwhile, U.S. drugmaker Johnson & Johnson has said it will delay rollout of its COVID-19 vaccine in Europe after U.S. health agencies recommended suspending its use following cases of rare blood clots .
Reporting by Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber