Stock Market

LONDON: Strong bank stocks helped boost European markets on Friday after a tumultuous week as investors drew encouragement from forecast-beating results and a rally on Wall Street overnight.The pan-European STOXX 600 index climbed 0.2 per cent in early trading, recovering from its worst day in three weeks as stocks worldwide sold off on fears of higher United States tariffs on Chinese imports.Financials were the top driver of index gains after France's Credit Agricole and Britain's RBS added to a slew of positive results from European lenders.Credit Agricole reported second-quarter profits ahead of estimates, sending its shares up 2.1 per cent, while peer Natixis also gained 2 per cent after its second-quarter profits rose.Shares in RBS climbed 2.9 per cent after the recovering state-owned bank announced its first dividend in a decade.London-listed South African packaging group Mondi rose 6 per cent to the top of the STOXX after it reported profits up by 25 per cent in the first half thanks to higher selling prices and good demand.Among fallers, shares in bookmaker William Hill tumbled 5.6 per cent, against traders' expectations, after the firm reported UK retail profits fell.Heineken shares rose 1.4 per cent after the firm sealed a $3.1 billion tie-up with the owner of China's largest brewer, China Resources Beer, to take a 40 per cent stake in the company.Apple's ascension to a trillion-dollar valuation, which helped drive a rally on Wall Street, boosted Europe's tech sector up 0.5 per cent too.





Unlimited Portal Access + Monthly Magazine - 12 issues


Contribute US to Start Broadcasting - It's Voluntary!


ADVERTISE


Merchandise (Peace Series)