Bourses in Europe drop following the British pound’s rally

European shares fell

Most of the Bourses in Europe settled on the negative territory following the decline in its oil sector and a depressing finish at Wall Street.

Across the stateside, the 30-stock index Dow Jones industrial average broke above 24,000 for the very first time on the same day and rose more than 180 points by the settlement in Europe. Telecom stocks are one of the best performers in Europe.

Looking at indices, the European Stoxx 600 index dropped as low as 0.33 percent as most of its stocks and sectors finishing on the red zone. Meanwhile, the FTSE 100 index in the United Kingdom lost about 0.9 percent after the U.S. dollar got surpassed by the British pound. The DAX index in Germany fell by 0.29 percent and the CAC 40 index in France slipped more than 0.47 percent in the markets closing.

However, Mediclinic manage to settled 4.7 percent higher following the upgrade from Jefferies that boosted its rating on the stock to “buy” from “underperform”

Basic resources along with material and construction stocks were at the bottom of the European benchmark as mining stocks were left at gunpoint due to 2.5 percent drop in nickel prices.

In corporate news, Zurich-based bank Credit Suisse added more than 2 percent in shares following its announcement that showed its plan to strengthen returns of shareholders. Tidjane Thiam, CEO of Credit Suisse, said on the day that the current environment is handled by policymakers.


Leave a Reply

Your email address will not be published.