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European stocks rise as technology, oil gains
(MENAFN) European stock markets showed a positive trend on Tuesday, buoyed by strong performances in the technology and oil sectors. The pan-European STOXX 600 index saw a modest increase of 0.2 percent, reaching 512.61 points. Despite this overall gain, the food and beverage sector limited further upward movement in the index. Basic resources experienced a decline of 0.7 percent, largely due to falling prices for industrial metals like aluminum and zinc, which hit three-month lows amid global growth concerns and risk aversion.
Oil stocks were particularly strong, with BP shares rising 2 percent after the company reported a robust second-quarter profit of USD2.76 billion, surpassing market expectations. BP's positive results led to a 0.7 percent increase in the oil sector, supported by the company's plans to boost its dividend and extend its share buyback program.
In notable stock movements, Standard Chartered saw a 4.7 percent rise following the bank's announcement of a significant USD1.5 billion share buyback and an upward revision of its annual profit forecast. Meanwhile, shares of British wealth management firm St James' Place surged 17.8 percent after the company revealed plans to reduce costs by tens of millions of pounds, marking one of the day's most substantial gains.
Oil stocks were particularly strong, with BP shares rising 2 percent after the company reported a robust second-quarter profit of USD2.76 billion, surpassing market expectations. BP's positive results led to a 0.7 percent increase in the oil sector, supported by the company's plans to boost its dividend and extend its share buyback program.
In notable stock movements, Standard Chartered saw a 4.7 percent rise following the bank's announcement of a significant USD1.5 billion share buyback and an upward revision of its annual profit forecast. Meanwhile, shares of British wealth management firm St James' Place surged 17.8 percent after the company revealed plans to reduce costs by tens of millions of pounds, marking one of the day's most substantial gains.
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