European markets finish week with healthy gains

Friday, 11. March 2016 18:17

European trading day ended with sharp gains on Friday, with investors approving a rally in banking sector, and looking oil prices rising. Economic data from a number of European countries helped keeping sentiment to the finish of the trading week.

The FTSE 100 was up 1.71% at 6,139 points. Financial sector was leading the trade in volume: and prices change: St. James's Place topped up 4.75%, Royal Bank of Scotland added 3.56%, Lloyds added 1.70%, and HSBC was up 1.27%. Marks and Spencer retail chain was among few decliners, losing 2.11%, along with Old Mutual's drop of 1.57% after the group announced it would split in four strategic units.

The German DAX index jumped 3.51% to 9,831 points. The best performers were industry and financial companies: ThyssenKrupp shares were lifted up 8.47%, Deutsche Bank rose 7.44%, and Lufthansa took the third place with a rise of 5.68%, while Commerzbank climbed 5.55%, E.ON, Volkswagen, Linde, Infineon, BMW, Allianz all added over 4%.

In Paris, the CAC 40 index closed up 3.27% to 4,492 points. Industry, automotive and financial companies were on the top: ArcelorMittal surged 10.86%, Crédit Agricole rose 7.53%, AXA added 5.79%, Société Générale rose 5.69%, and BNP Paribas 5.33%. Peugeot finished up 5.69%, while car parts manufacturer Valeo followed with a rise of 5.37%.

The Swiss Market Index finished the week in positive territory, adding 1.33% for the day to 7,998 points. Financial and industrial companies nested the winning side: CS Group climbed up 5.44%, while UBS, Zurich Insurance and Julius Baer rose over 3% each. Transocean pulled up 4.45%, LafargeHolcim rose 2.91% and Geberit added 2.85%. The Swatch Group missed the timing with a loss of 3.12%.

In Wien, the ATX index rose 2.47% to 2,284 points, as Uniqa Insurance rocketed up 9.84%, leading financial and insurance sector, followed by Erste Group, Raiffeisen, and V.I.G. Telekom Austria shares added 2.58% after its subsidiary A1 and Nokia presented first live 5G show case. Oil company OMV lost 1.25%.

In Brussels, the BEL 20 index rose 2.11%, the Finnish OMX Helsinki 25 added 2.01%, and the OMX Copenhagen rose 1.24%. Meanwhile, in Iceland, the local OMX index dropped 0.27%.

The euro rolled down 1.01% compared to the U.K. sterling, weakened 0.40% against the Swiss franc, and slid 0.05% versus the U.S. dollar, but recovered 0.41% compared to the Japanese yen, all at 6:12 p.m. CET.

Oil prices rose at the ICE Europe, with the international benchmark Brent rising 0.52% to $40.38 a barrel, while the American crude WTI climbed 1.04% to $40.85 a barrel at 6:04 p.m. CET.

Gold spot price rolled down 0.98% to $1,258.90 at 6:15 p.m. CET.

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Breaking the News / ZR