European stocks gain boosted by healthcare rebound

European shares gained on Friday at the open after Sanofi (EPA:SASY) and GlaxoSmithKline led a recovery in healthcare stocks, and the main Stoxx 600 index is poised for weekly gains.

According to “Reuters”, Sanofi shares rose 1.6%, while GlaxoSmithKline (EGX:BIOC) shares rose 3.0%, after heavy selling in the previous session due to concerns about a US lawsuit focused on a drug for heartburn because it may contain a carcinogen.

The healthcare sector in Europe advanced 0.4%, while the pan-European Stoxx 600 index rose 0.1%.

The main index rose for the second day in a row and is heading for a weekly gain of 1% as a weaker-than-expected US inflation reading calmed concerns about the Federal Reserve’s monetary tightening cycle.