European stocks were moving higher on Monday as it looked unlikely a leftist coalition would take power.
Olaf Scholz of the center-left Social Democrats defeated Chancellor Angela Merkel’s conservatives in an extremely tight election, setting in motion what could be months of complex coalition talks to decide who will lead Europe’s biggest economy.
The left wing Die Linke party fell below the 5 percent threshold needed to enter parliament.
The pan European Stoxx 600 edged up 0.4 percent to 464.91 after declining 0.9 percent on Friday.
The German DAX rallied 0.9 percent, France’s CAC 40 index gained 0.7 percent and the U.K.’s FTSE 100 was up 0.3 percent.
Spain’s Cellnex Telecom tumbled 3.8 percent after Citigroup downgraded its rating on the stock to “sell”, citing valuation concerns.
Sartorius AG rose over 1 percent. The German laboratory and pharmaceutical equipment provider announced its plan to expand its presence in Michigan by opening a new 130,000-square-foot state-of-the art plant in Ann Arbor in late 2023.
TotalEnergies, BP Plc and Royal Dutch Shell all rose over 3 percent as Brent futures headed for $80 per barrel on supply concerns and amid optimism over rising demand.
IWG shares jumped nearly 7 percent after reports that the office rental firm is considering splitting into several different companies.
Petrofac soared 22 percent. The oilfield services company said it reached a plea agreement with the U.K. Serious Fraud Office in relation to its investigation into the company’s failure to prevent bribery.
Rolls Royce Holdings climbed 7.1 percent after the aerospace company was selected to provide the powerplant for the B-52 Stratofortress under the Commercial Engine Replacement Program.
Biocorp shares climbed 4.5 percent in Paris. The medical devices company announced an agreement with Danish pharmaceutical company Novo Nordisk A/S (NVO) for the development and distribution of a Mallya smart add-on device for the Novo Nordisk FlexTouch pen used by people with diabetes.
Germany’s BASF advanced 1.8 percent after it signed a Memorandum of Understanding with Sanyo Chemical for the joint development and access to technologies to create advanced polyurethane dispersions.
Zooplus gained more than 4 percent after Swedish private equity firm EQT AB made an offer to buy the online pet supplies’ retailer for about 3.36 billion euros ($3.94 billion).
Market Analysis
European Shares Rise On German Election Relief
2021-09-27 09:58:10
