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Tuesday 20th March 2018

European Stocks Rise to 6-month High Supported by Auto and Insurance Companies

Business

7Dnews London

Wed, 03 Apr 2019 01:13 GMT

European shares rose to their highest level in half a year on Tuesday, buoyed by gains in auto makers and insurance companies and London's stock market gainers as the pound slipped amid UK’s exit from the EU eased, reports AFP.

The automakers index rose 1.3 percent, after rising 3.3 percent in the previous session following China's unexpectedly strong factory data.

Continental shares rose 2.3 percent as the German auto parts supplier said it was still sticking to its plan to list its unit for the payment and movement group.

Pirelli climbed 2.9 percent after Italy's tire maker said it made 107 million euros in first-half profit on Brazilian tax cuts.

The European insurance sector index rose 0.9 percent, supported by shares in London-listed companies such as Prudential and Old Mutual, whose shares rose by at least 2.9 percent.

The European banking sector index gained 0.7 percent, with Sweden Bank gaining 6.1 percent in its best daily performance in more than six years.


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