Bank and stocks in Europe fell on Macron’s victory; PostNL 6% lower

Banks and stocks

Stocks from European companies marginally fell on Monday’s session following the victory of centrist candidate Emmanuel Macron on the presidential election in France last Sunday.

Mining companies Anglo American, BHP Billiton and Rio Tinto fell more than 1.4 percent. Basic resources were down by 1 percent following the slump on iron ore imports from China. The biggest steel manufacturer in the world minimized its buying spree to its lowest.

Investec Wealth & Investment’s head of fixed interests Darren Ruane says Macron’s triumph may be widely expected, but the movement of prices suggested a little point of profit taking. 

On indexes, European stocks benchmark Stoxx 600 was on the negative zone after it slightly fell by 0.13 percent.

The banking index in Europe also struggled to acquire gains as it dips 0.6 percent after it opened the session higher. Lenders that are based in France seemed to prolong the losses of the sector when investors had already priced the win of Macron on opinion-based polls.

Heartwood Investment Management’s investment manager Jaisal Pastakia told CNBC that it is significant to keep in mind that even if equities may be down, they still managed to rally after the first round of election; adding that the shares of Societe Generale were on its best level last week since the first quarter of 2011.

PostNL, a Dutch e-commerce and mail corporation was close to touch the bottom of the European benchmark following the release of its earnings for this year’s first quarter. The company announced that its addressed mail volume was 9.6 percent lower for the first three months of 2017. It fell more than 6 percent in shares.


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