European markets jump-start trading week

Monday, 22. February 2016 18:44

Stock markets across Europe traded with confidence on Monday, finishing sharply higher. The trend started with a positive signs emanating from Asia, and a recovery of oil prices helped the sentiment.

The Frankfurt's DAX index finished up 1.98% to 9,753 points. Energy sector was boosted, with RWE rising 5.63% and E.ON following with lift up 5.30%. Gains were seen in the automotive, financial and health sectors. Lufthansa and Adidas were among few losers, down 0.48% and 0.10% respectively.

In Paris, the CAC 40 closed 1.79% higher to 4,298 points. Steel giant ArcelorMittal jumped 7.40%, and Nokia rose 4.23% after announcing several agreements with Facebook and acquirement of a long-term security solutions partner company Nakina from Canada at the World Mobile Congress in Barcelona, Spain. It also pulled up its home-country OMX Helsinki index, which finished up 2.77%. Gains of up to 3.66% were there for Société Générale, BNP Paribas, Orange, Carrefour, LafargeHolcim, Total. Publicis Groupe lost 0.59% on the news that the network known for takeovers is close to be taken over.

In the City of London, the FTSE 100 rose 1.47% to close at 6,037 points. The mining sector was enjoying huge gains: Glencore rocketed 11.82%, and Anglo American followed jumping 10.79%, BHP Billiton added 8.55%, Rio Tinto rose 8.43%, and Antofagasta was up 7.70%. Oil corporations’ shares were also in demand: BP climbed 3.90%, and Royal Dutch Shell went up 3.45%. Losing side was led by Berkeley Group's loss of 4.76%.

The Austrian ATX index was among best daily performers, jumping 2.49%. Financial sector gained: Raiffeisen Bank jumped 5.61%, followed by Uniqa's rise of 4.43%, and Immofinanz added 3.76%. Flughafen Wien was among a few losers, down 0.9%.

In Zurich, the SMI index was up 1.25% with only one loser being Richemont (-0.15%), while financial sector enjoyed healthy gains: UBS added 2.97%, Zurich Insurance rose 2.21%, and Swiss RE added 1.96%.

Among the Nordic OMX indices, the OMX Copenhagen 20 index rose 2.32%, the OMX Helsinki 25 jumped 2.77% and in Oslo the OBX climbed 2.84%.

Oil prices recovered significantly. The North Sea benchmark Brent was up 4.50% at $35.30 barrel, and the U.S. sweet crude climbed even more: 4.94% trading at $33.59 a barrel at 6:30 p.m. CET. The price of OPEC basket of 13 crudes stood at $29.17 a barrel on Friday, down from $29.96 the previous day.

The U.K. sterling was trade of the day at forex: it lost 0.43% to the euro, 0.53% to the Swiss franc, 1.47% to the U.S. dollar, and 0.98% to the Japanese yen, all by 6:42 p.m. CET.

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Author:
Breaking the News / ZR