On Monday, French presidential candidate Emmanuel Macron attained the most votes on the country’s first round of election. This boosted the markets on Europe. French CAC touches never before seen highs.
French banks in particular were the leading advancer as its stocks notches the peak of the European benchmark, along with Societe Generale, BNP Paribas, Credit Agricole and Natixis all settling higher by 7.5 percent on Monday’s session. In addition, Vinci and Axa also finishes higher due to the rally on French stocks strengthened all the sectors and immediately surpassed its opponents.
Investors are convinced that the centrist candidate is ready to outperform his far-right rival Marine Le Pen in the run-off poll. Traders seemed positive that the economic health in France could prosper from his enthusiastic reform plans.
The Stoxx 600 finishes 2.1 percent. The DAX in Germany gained 12,454. The CAC 40 stock in France was up more than 4.1 percent, to touch its best since the past nine years.
Meanwhile outside the politics, Jimmy Choo reported that it would place itself up for sale as a part of a strategic review of the firm. Shares of this fashion brand were 9.5 percent higher.
Philips, a medical device manufacturer, released surprisingly higher core earnings of €442 million (480 million in USD) for its first quarter revenue. Philips gained more than 3.6 percent on its shares.
Centrica was on the negative territory following the release from the Conservative U.K. government that it is planning to beat domestic prices if re-elected. This British energy company was 3.5 percent down.
CEO of the world’s biggest cement manufacturer LafargeHolcim, Eric Olsen, stepped down on the office last Monday on the back of allegations that the company paid Syrian armed forces to maintain a plant open. LafargeHolcim shares are currently pressured.