Europe: Shares rise to 6-week high led by Portugal
[MILAN] European shares rose to six-week highs in early deals on Monday following a strong session in Asia overnight and supported by gains among financial and industrial stocks.
While the pan-European STOXX index was up 0.6 per cent by 0725 GMT, Portuguese stocks outperformed after the euro zone country returned to an investment grade rating after 5-1/2 years, boosting its bonds.
Portugal's PSI 20 index rose 1.8 per cent to an eight-week high and was set for its biggest one-day gain since mid-July, with shares in bank BCP Millennium up 5 per cent.
Among the biggest gainers on the STOXX were utilities EDF and Fortum, up 4.7 per cent and 3.7 per cent respectively, after both were upgraded by Goldman Sachs.
Ryanair was a weak spot, down 2.7 per cent following its announcement of plans to cancel between 40 and 50 flights per day until the end of October, disrupting hundreds of thousands of journeys.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce
Singapore shares open in the red on Tuesday; STI down 0.3%
Stocks to watch: Wilmar, MLT, FEHT, CDLHT, Starhill Global Reit, IReit Global
Europe: Stocks eke out gains after German inflation data; Deutsche Bank drops