The Business Times

Europe: Utilities, real estate shares nudge stocks higher

Published Mon, Jul 12, 2021 · 03:45 PM

[BENGALURU] European stocks inched higher on Monday as investors sought safety in defensive sectors such as utilities and real estate on lingering worries that the spread of new coronavirus variants was hampering a global economic recovery.

The pan-European Stoxx 600 index rose 0.2 per cent by 7.15am GMT, extending gains from Friday's solid rebound.

Utilities, real estate and financial services rose between 0.5 per cent and 1 per cent, while economically sensitive banking, mining, and auto stocks fell.

Daily Mail and General Trust jumped 5.2 per cent after it said its largest shareholder, Rothermere family, might take the British newspaper private in a £810 million (S$1.52 billion) deal, if the sales of its insurance risk unit and Cazoo business go through.

French IT consulting group Atos slumped 15.5 per cent after it cut full-year earnings forecast.

REUTERS

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