Mubasher: European stocks closed higher today, Monday, recovering from their lowest level in about a week, as gains in the retail trade and healthcare sectors outweighed losses in the mining and energy sectors, which were affected by concerns related to the real estate sector in China.
The Stoxx 600 index closed up 0.2%, after falling more than 1% on Friday.
The health care sector achieved gains of 0.3%, with Philips shares rising 4.4% after Dutch investment company Exor NV acquired a 15% stake in the company, and Exor shares fell 0.3%.
The retail sector was the biggest gainer with a gain of 0.8%, driven by a 3% rise in European retailer B&M after Deutsche Bank raised its price target.
However, stocks in the mining and energy sectors were the main losers, tracking the impact of crude oil and base metals prices on the back of a deteriorating demand outlook in China, which was exacerbated by debt problems related to the real estate sector.
Across Europe, the German Dax index rose by 0.46% to 15904 points, while the French CAC closed up by 0.12% to 7348 points.
While the British FTSE100 index fell by 0.23% to 7507 points.
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2023-08-14 18:31:07
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