European stocks close higher; Nokia and L’Oreal shares soar on earnings beats

European stocks ticked higher on Thursday as regional market sentiment remains muted.

The pan-European Stoxx 600 closed the day up 0.1%, with the region’s major bourses and sectors showing mixed performance.

Shares in cosmetics giant L’Oreal notched their best day since November 2008, finishing up 9% after the company reported its fastest quarterly growth in two years on Thursday.

Nokia shares rose 6.4% after the Finnish telco reported strong first quarter earnings. The group posted 4% year-on-year growth in net sales, with operating profits coming in at 281 million euros ($328.8 million), up 54% year-on-year and beating analysts’ estimates.

Justin Hotard, president and CEO of Nokia, told CNBC’s “Squawk Box Europe” Thursday that the company is tapping into the longer-term structural growth opportunity in AI, particularly in optical networks.

Meanwhile, Saab shares rose 3.8% despite the defense giant reporting first-quarter order bookings of 18.2 billion Swedish kronor, a decline of 5% from the same period the previous year.

The military hardware manufacturer said it had received fewer large orders in the three months to March, but more medium-sized orders.

Sales came in at a weaker-than-expected 19.1 billion kronor, but represented organic sales growth of 23.6%. Operating profit for the quarter jumped 32% year-on-year to 1.92 billion kronor, beating estimates compiled by LSEG.

Elsewhere, International Energy Agency executive director Fatih Birol warned the world faces the “biggest energy security threat in history.”

Speaking with CNBC’s Steve Sedgwick at this year’s CNBC CONVERGE LIVE in Singapore on Thursday, Birol warned of “difficult days” ahead for Europe’s jet fuel supplies as a result of the Iran conflict. The IEA chief said countries may need to review their energy trade partners and trade routes if the Strait of Hormuz remains closed.