Nokia among top STOXX gainers on Lumentum read-across

Shares in Nokia NOKIA.HE are up 9% to nearly top of STOXX .STOXX, with analysts pointing to positive read-across from Lumentum's LITE.O better-than-expected quarterly results and outlook.

Lumentum, a key optical components maker, expects Q1 revenue in the range of $1.225-1.275 billion, midpoint up 135% year-on-year, which Danske Bank says was an 8% beat.

“This is particularly relevant for Nokia in terms of investor sentiment, and it increases confidence in the company's Optical business unit,” ABG Sundal Collier analyst Simon Granath says.

“Lumentum continues to be faced with strong AI demand,” Danske Bank adds.

Nokia's stock is the second biggest gainer on the European STOXX 600 index .STOXX.