Stocks in Europe advances due to firm revenue, Bank stocks also led gains with Banco Popular adding 5.5%

Stocks in Europe advances

Bourses around Europe were pulled up by banking stocks on Wednesday as it touches the peak of the European benchmark after slumping for six days straight.

Banco popular in particular has led the growth when its shares rose more that 5.5 percent. Shares of Santader added 2.9 percent; this Spanish bank raised about €750 million (804 million in USD) after trading perpetual bonds, Reuters report says. This kind of bonds does not have any expiration date.

Basic resources was also one of the best performers after Rio Tinto edged higher following a revenue report scheduled to be released this Wednesday evening.

The pan-European Stoxx 600 gained about 0.24 percent. Frankfurt’s DAX index rose by 0.13 percent, CAC 40 in Paris was 0.27 percent higher; London’s FTSE 100 however was 0.46 percent lower.

Meanwhile in other stocks, Vopac was still pressured regardless of the Dutch company’s report of an unexpectedly higher first quarter earnings. AB Foods advances by 1.2 percent when it announces a 36 percent growth in profits for its first-half fiscal year. The positive effects were due to the strong sales of Primark and resumption of its sugar trade.

In Contrary, Shares of Zalando declined almost 4.7 percent after the online seller witnessed a much lower margin behind post-Christmas sales. Burberry also dropped more than 7.9 percent following a stagnant growth on its fourth-quarter corresponding sales.

On other news, Europe is scheduled for one more general election this 2017, following the call of U.K. Prime Minister Theresa May for a snap election on June 8. May’s objective is to boost her parliamentary majority before Britain exit the EU. Analysts believe that the election could result to a market-friendly divorce from the European Union.


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