European stocks soar supported by energy and health care ‎sectors

European stocks opened higher today, Monday, supported by the rise of energy stocks, with the rise in global oil prices, and the rise in healthcare sector stocks, thanks to the strong performance of the Danish pharmaceutical company Novo Nordisk.

According to Reuters, the European Stoxx 600 index rose 0.4% by 0712 GMT, after closing at its lowest level in 6 weeks last Friday.

The index of energy companies rose 1% with the rise in crude oil prices, as the scarcity of global supply resulting from the decline in exports from Saudi Arabia and Russia offset the impact of concerns about demand growth in light of high interest rates.

European healthcare sector index rose 0.6 percent, with Novo Nordisk shares rising 1.3 percent after Morgan Stanley (NYSE:MS) raised its target price for the drugmaker.

Germany’s DAX rose 0.4 percent in early trade, even after official data showed a larger-than-expected decline in German producer prices in July.a