finance
European Stocks in Cooling Firms Rise as Heat Wave Triggers Red Alerts
Several European countries issued red weather alerts Thursday during a heat wave that marks the second such event in two months. Stocks in air conditioning and building efficiency companies extended recent gains.
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Several European countries issued red weather alerts on Thursday as a heat wave affected the region. The U.K. recorded its all-time temperature record for June on Wednesday, while France registered its hottest day ever for the second consecutive day as of Thursday, Cnbc reported.
The heat wave is the second so-called heat dome Europe has experienced in two months. Europe is warming at twice the speed of the global average since the 1980s, according to the European Union's Copernicus Climate Change Service. French construction materials company Saint Gobain rose nearly 1% on Thursday morning after gaining more than 3% in the previous session.
The company designs and supplies components used within heating, ventilation and air conditioning systems. Beijer Ref gained 0.2% on Thursday morning after climbing nearly 5% on Wednesday. The Stockholm-listed wholesaler supplies refrigeration and air conditioning equipment.
Sweden's NIBE Industrier traded 0.7% higher on Thursday morning after rising 3.7% in the previous session. The company produces air and ground source heat pumps as well as other climate control equipment. Milan-listed Ariston rose 1% on Thursday morning and was on track for its third consecutive positive session.
The company manufactures energy efficient heating and cooling systems. Danish building materials company Rockwool rose 0.1% higher on Wednesday. The Copenhagen-listed firm manufactures insulation products designed to improve building climate resilience.
