European stocks increase amid positive earnings, oil sector gains
Date
7/30/2024 8:36:58 AM
(MENAFN) European Stocks saw an uptick on Monday, driven by gains in the global oil sector and a series of positive earnings reports that bolstered overall market sentiment. The European Stoxx 600 index increased by 0.4 percent during trading, following modest gains from the previous week. Oil and gas stocks led the sectoral gains with a notable rise of 1.3 percent, marking the highest increase among various sectors in the region.
Shares of Philips surged by 8.6 percent after the Dutch medical device manufacturer reported quarterly results that exceeded expectations. The boost was attributed to higher profits and a successful restructuring program. Similarly, Germany’s Merck saw its shares rise by 3.6 percent following an upward revision of its outlook, primarily driven by strong performance in its healthcare and electronics divisions.
Conversely, Reckitt Benckiser faced a significant decline of 9.2 percent in its share price after nearly 1,000 lawsuits were filed against the company, known for its Enfamil infant formula. In a related legal development, Abbott Laboratories, which was also implicated, was ordered to pay USD495 million in damages by a jury on Friday. This decision stemmed from a lawsuit alleging that Abbott’s specialized premature infant formula caused a serious gastrointestinal illness in an Illinois girl, contributing to the negative market reaction for the company.
MENAFN30072024000045015682ID1108498440
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.