European stocks up supported by health care sector

European stocks rose today, Monday, supported by gains in the healthcare sector that helped the main index extend its large gains so far in the new year, while the British Financial Times 100 index hovered near a record high.

According to “Reuters”, the European Stoxx 600 index rose 0.1 percent in early trading, supported by a 0.8 percent rise in health care shares.

Shares of pharmaceutical companies such as Koninkliki Philips and Novo Nordisk rose more than 2 percent each.

The European index has risen 6.6 percent since the beginning of the year, as warmer weather boosted hopes of a milder-than-expected recession in the region, and data indicated a decline in price pressures in the United States and the euro zone.

Britain’s FTSE 100 rose 0.1 percent to 7,852.84, just off a record high of 7,903.50.

The weak performance of the stocks of major companies such as (LVMH) and Hermes International affected the Stoxx 600 index on Monday.

The Swiss company, Temenos, for financial software, announced that its share rose 5.4 percent, after its CEO, Max Schward, left his position in the company, which was under pressure from shareholders.

Marks & Spencer rose 0.8% after the British clothing and food retailer announced plans to open 20 new stores in the 2023-2024 financial year as part of a 480 million pound ($587 million) investment in its stores.