AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

MILAN: European shares ended a volatile session higher on Monday, lifted by strong gains on Wall Street and a rally in cyclical stocks as improving data spurred hopes of a faster economic recovery.

After hovering near flat earlier in the session, the pan-European STOXX 600 index rose 0.4% and eurozone blue-chip stocks jumped 0.9%.

The euro zone banks were the biggest gainers, up 3.2% after data showed a recovery of economic sentiment across the bloc intensified in June.

Aside from banks, other growth-sensitive sectors such as oil and gas, industrial companies and automakers led gains in Europe.

"In the US, they are actively talking of another round of stimulus and that will help the market to some degree," said Andrew Manton, portfolio manager for international equities at Shelton Capital Management.

"But we're in a waiting game because all this stimulus has been priced in. Now we'll have to see if it works in the real economy."

Although the pace of a market recovery has slowed following an initial rally from March lows, European stocks have outperformed their US counterparts in June, helped by the region's relative success in reopening its economy and the European Union's proposed 750 billion euro ($841.73 billion) recovery fund.

The world's largest asset manager BlackRock upgraded European equities to "overweight" on Monday, with the region poised to benefit from the restarting of economies.

German scandal-hit payments company Wirecard soared 154.5% following a near 170% plunge over the last three weeks after reports that French payments processor Worldline and other private investors are interested in buying parts of the company.

Austrian sensor producer AMS jumped 5.1% after Reuters reported the company was poised to get the go-ahead from the European Union for its acquisition of German lighting group Osram.

Commerzbank surged 5.7% after a German newspaper reported that the lender's board will likely approve more branch closures and job cuts at an extraordinary meeting next week.

Consumer stocks, such as Unilever, Danone and Nestle, weighed on the markets, falling between 0.1% and 2.6%.

Comments

Comments are closed.