Brussels, February 19 (QNA) – European stock indices recorded their highest level in more than two years at the close of trading today. Thanks to the rise in health care sector stocks, although French and German stocks lost some momentum due to economic concerns after achieving record high levels last week.
The European STOXX 600 index closed up 0.2 percent, achieving gains for the fourth day, while the DAX index fell 0.2 percent, and health care sector shares gained 1 percent, approaching their highest level in two years, led by AstraZeneca shares, which jumped 3.2 percent.
Meanwhile, the basic resources index fell 1 percent as copper prices fell, after China fixed key interest rates on medium-term loans, and traders focused on the country’s faltering real estate market.
The French benchmark index stabilized after the government reduced its GDP growth forecast for 2024 to one percent from 1.4 percent.
Forvia shares fell 12.7 percent, giving up early gains, while Santander shares gained 1.8 percent after a new share buyback program and increased dividends, which helped the Spanish IBEX 35 index rise.
Rheinmetall shares jumped 4.1 percent thanks to the plans of the largest artillery producer to open an ammunition factory in Ukraine, while Bechtel shares fell 5.5 percent.
Telecom Italia shares rose 5.9 percent, pushing the telecommunications index to its highest level in almost two weeks.
Throughout the week, investors will await the release of final inflation data, Eurozone Purchasing Managers’ Index data, and Germany’s GDP in the fourth quarter to know the continent’s economic situation.
2024-02-19 19:58:31
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