European stocks hit highest level in more than a week

European stocks rose today, Friday, to their highest level in more than a week after the British Labor Party returned to power following general elections, giving investors reason to reassure.

The shares of German chip systems manufacturer Extron also rose after it announced receiving strong orders, and the European STOXX 600 index increased 0.4% by 0721 GMT and touched the highest level since June 26, according to Reuters.

The British Financial Times 100 index rose 0.3%, and the broader Financial Times 250 index, which focuses on local companies, jumped 1% to the highest level in about a month. Technology sector stocks in Europe were at the top of the winning sub-sectors on Friday, with an increase of 0.9%.

Shares of German chip systems manufacturer Extron jumped 15.5% to top the STOXX 600 after the company announced receiving strong orders in the second quarter.

Shares of other chip-related companies also rose thanks to Samsung’s expectation of a 15-fold increase in operating profits for the second quarter.