European shares advanced on Monday, with banks recouping some losses clocked last week and as Denmark’s Topdanmark jumped on the news of insurer Sampo’s all-share buyout offer of its rival.
As of 0709 GMT, the pan-European STOXX 600 was up 0.4%, coming off its worst weekly percentage fall so far this year.
The technology sub-index led sectoral gains with a 1.2% jump, while European banks advanced more than 1%.
European shares came under pressure last week when President Emmanuel Macron called for a snap election following a trouncing of his ruling centrist party by Marine Le Pen’s eurosceptic National Rally in the European Parliament elections.
European shares start August on sour note as global factory activity falters
France’s CAC 40 gained 0.6% early on after falling more than 6% last week.
Shares of Topdanmark jumped 21% after Finnish insurer Sampo agreed to buy its Danish rival in a deal that values the company at 33 billion crowns ($4.73 billion), the two companies said. Sampo slumped nearly 3%.
Shares of ING, the largest Dutch lender by assets, gained 2.1% after the bank forecast total income growth of between 4% and 5% per year during 2024-2027.
Comments
Comments are closed.