European stocks recorded a rise for the fifth week in a row, after they rose in the last trading session, Friday, supported by strong quarterly earnings in the shares of “SAP” software and “Esilor Luxottica” optics, which offset the decline in mining companies.
European stocks have risen more than 2 percent so far this month as fears of a banking crisis recede and investors look forward to earnings season.
stock movements
The Stoxx 600 European stock index rose 0.36 percent over the past week.
In Friday’s trading, the index recorded an increase of 0.4 percent, as shares of the software company SAP jumped 5.2 percent to the highest level in more than a year, after announcing first-quarter revenue that exceeded analysts’ expectations and planning to use generative artificial intelligence in its products.
European technology shares rose 0.9 percent and healthcare shares rose 1.7 percent, both leading gains in the sector.
“Esilor Luxottica” jumped 6.3 percent, one of the biggest boosts to the Stoxx benchmark, after the luxury eyewear maker reported a rise in first-quarter revenue on a rebound in growth led by China.
Mining companies were the most lagging behind, falling 3.8 percent as a result of lower copper prices due to expectations of weak demand.
The index approached its lowest level in one month.
Shares of Mercedes-Benz Group rose 1.4 percent as the company reported higher than market expectations for the first quarter.
