AVN 67.75 Decreased By ▼ -0.73 (-1.07%)
BAFL 30.82 Decreased By ▼ -0.18 (-0.58%)
BOP 4.84 Decreased By ▼ -0.07 (-1.43%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DFML 14.05 Decreased By ▼ -0.18 (-1.26%)
DGKC 41.04 Decreased By ▼ -0.60 (-1.44%)
EPCL 47.21 Increased By ▲ 1.84 (4.06%)
FCCL 11.58 Decreased By ▼ -0.13 (-1.11%)
FFL 5.11 Increased By ▲ 0.01 (0.2%)
FLYNG 5.95 Increased By ▲ 0.10 (1.71%)
GGL 11.17 Increased By ▲ 0.76 (7.3%)
HUBC 67.68 Decreased By ▼ -0.82 (-1.2%)
HUMNL 5.71 Decreased By ▼ -0.04 (-0.7%)
KAPCO 28.03 Decreased By ▼ -0.19 (-0.67%)
KEL 2.28 Increased By ▲ 0.02 (0.88%)
LOTCHEM 26.25 Increased By ▲ 1.15 (4.58%)
MLCF 21.58 No Change ▼ 0.00 (0%)
NETSOL 86.53 Decreased By ▼ -1.82 (-2.06%)
OGDC 99.78 Increased By ▲ 0.48 (0.48%)
PAEL 11.08 Decreased By ▼ -0.03 (-0.27%)
PIBTL 4.23 No Change ▼ 0.00 (0%)
PPL 80.05 Decreased By ▼ -2.40 (-2.91%)
PRL 13.26 Decreased By ▼ -0.08 (-0.6%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 43.75 Decreased By ▼ -0.63 (-1.42%)
TELE 6.08 Decreased By ▼ -0.10 (-1.62%)
TPLP 15.88 Increased By ▲ 0.07 (0.44%)
TRG 121.33 Increased By ▲ 1.58 (1.32%)
UNITY 14.04 Decreased By ▼ -0.06 (-0.43%)
WTL 1.31 Increased By ▲ 0.05 (3.97%)
BR100 4,181 Increased By 9.7 (0.23%)
BR30 15,270 Increased By 16.5 (0.11%)
KSE100 41,723 Increased By 200.6 (0.48%)
KSE30 15,746 Increased By 83 (0.53%)
Follow us

LONDON: European shares rose on Monday as the oil and gas sector marked its best session in two months, while bleak euro zone investor morale kept sentiment in check ahead of the European Central Bank’s plan to start hiking interest rates this month.

The continent-wide STOXX 600 index was up 0.5% after falling last week on worries about a potential global economic slowdown. Volumes were subdued due to a US market holiday.

London-listed oil giants BP Plc and Shell, and France’s TotalEnergies jumped between 4.6% and 4.4%. They were the biggest boost to the STOXX 600 as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia lifted crude prices.

The energy sector rallied 4.0%, and London’s FTSE 100 closed up 0.9%.

Healthcare and miners were among the other top sectoral performers.

Limiting gains were declines in real estate, auto and tech stocks, with the latter two weighing on the German DAX which closed down 0.3%.

A Sentix survey on Monday showed investor morale in the euro zone fell this month to its lowest level since May 2020, pointing to an “inevitable” recession in the 19-country currency bloc.

Producer prices for the region, meanwhile, rose less than expected, data showed. This comes after consumer prices hit a record high, cementing the case for an interest rate hike by the ECB.

Investors will now be watching for minutes of the ECB’s previous rate meeting on Thursday.

“ECB minutes will certainly give a bit more colour into what’s going on behind the scenes,” John Woolfitt, director of trading at Atlantic Capital Markets, said.

“We are cautiously optimistic, but we are also seeing the opportunity when the market has a big bounce up to short into those moves because they don’t seem to have the depth.” Aggressive central bank moves to curtail inflation have left investors worried about the likely hit to economic growth, with the STOXX 600 down 16% so far this year.

In companies news, German utility Uniper plunged 27.6% with a trader pointing to nationalization risks amid discussions about its bailout plan.

Grafton Group slid 7.7% after the building materials supplier said Gavin Slark would step down as chief executive officer after 11 years in the role.

AMS Osram AG dropped 7.9% after JP Morgan downgraded the Austrian sensor maker’s stock to “neutral” from “overweight,” citing concerns over high debt levels and end-market exposure.

Comments

Comments are closed.

Energy shares boost European equities but recession fears cap gains

Rupee up 1.08%, settles at 273.33 against US dollar

OGRA calls for action against hoarders of petrol, diesel in Punjab

Fed's Waller sees no sign of 'quick' decline in inflation

KSE-100 increases 0.48% owing to hopes of breakthrough in talks with IMF

ECP should announce election schedule for KP, Punjab: President Alvi

Holding polls in Punjab can be difficult as operation against militants underway, IG tells ECP

Amir Dogar among 12 PTI workers arrested in Multan

Turkish bourse shut for 5 days after quake, Wed trades cancelled

More survivors found as Turkiye-Syria quake toll tops 11,200

Google to soon add generative AI features in search results