European stocks increase for fourth session in row, led by healthcare sector
Date
8/11/2024 5:53:31 AM
(MENAFN) European Stocks experienced a positive turn on Friday, marking their fourth consecutive day of gains amid a challenging week characterized by global market volatility and recession fears. The pan-European STOXX 600 index advanced by 0.6 percent, briefly surpassing the 500-point mark during the trading session. Despite earlier declines in the week driven by investor concerns over a potential economic slowdown in the U.S., the index managed to secure slight weekly gains.
Benchmark indices across major European markets, including France, Germany, Spain, Italy, and Britain, exhibited modest increases ranging from 0.1 percent to 0.8 percent. The healthcare sector emerged as a prominent contributor to the day's gains, with its sub-index climbing 1.7 percent. This rise was bolstered by a notable 6.3 percent increase in shares of Novo Nordisk, Europe's largest company by market capitalization.
Additionally, the real estate sector led the European index, driven by a significant 5.5 percent surge in shares of LEG Immobilien, one of Germany's major listed property owners. The boost in LEG Immobilien's stock was attributed to a reduction in its losses for the second quarter. This uptick in European stocks highlights a rebound in investor sentiment, providing a positive outlook after a turbulent week for global markets.
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