European shares started the month on a firm footing on Friday after three months of losses as industrials rose and an update from Vivendi SA boosted media stocks.
However, a record plunge in pharma firm Indivior PLC weighed on British mid caps.
The pan-European STOXX 600 and eurozone blue chips both ended up 0.6 percent, helped in afternoon trading as the euro lost ground against the US dollar.
STOXX 600 closed at 376.14, up 0.6 percent from last week’s 374.07.
Germany’s DAX on Friday gained 0.7 percent and Britain’s FTSE 100 rose 0.1 percent, though a nearly 40 percent slump in Indivior’s shares put pressure on the FTSE 250, which retreated 0.1 percent.
For the week, DAX fell 0.2 percent while FTSE 100 added 0.5 percent.
“There has been some stock-specific volatility, but overall I think the markets are still relatively well-supported by the low interest rate environment, so that’s probably going to be the case for the foreseeable future,” Hargreaves Lansdown PLC senior analyst Laith Khalaf said.
“While there is some ... negative sentiment toward markets, I think investors haven’t really got anywhere else to go because bonds are yielding very little and cash is yielding very little,” Khalaf added.
Indivior’s shares fell 36 percent, their biggest one-day loss on record, after the firm said it would appeal against a US court ruling that generic drug maker Dr Reddy’s Laboratories Ltd had not infringed its patents, potentially opening the way to a rival to the firm’s Suboxone Film opiod addiction treatment.
On an otherwise relatively quiet day for corporate news, shares in Swedish vehicle maker Volvo Cars Corp jumped 7.3 percent, scoring their biggest one-day gain in more than four months after setting new financial targets.
Results drove some sizable moves, with shares in French media firm Vivendi rising 5.2 percent after the group confirmed its outlook, reporting better than expected profit growth for the year.
Europe’s media sector rose 0.9 percent.
“These results mean that investors are likely to believe management’s claim of a Canal+ turnaround and listen to music bulls even more,” analysts at Barclays PLC said, upping their rating on the stock from “underweight”to “equal weight.”
French telecoms stock Iliad SA rose 2.2 percent on the back of robust first-half earnings, which saw profit rise 22 percent thanks to winning new subscribers.
Swiss security firm Dormakaba Holding AG was another top riser, boosted 4.5 percent to an all-time high after Societe Generale SA began its coverage of the stock with a “buy” rating.
DEVELOPING TALENT: The electronics contractor is looking to recruit people to work in core tech fields and emerging industries like electric cars and robotics Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, has launched a recruitment drive, offering a monthly salary of no less than NT$45,000 (US$1,485) to university graduates. For those with a master’s degree, the starting pay would be NT$52,000 per month at the minimum, while doctorate degree holders would receive at least NT$60,000 a month, Hon Hai said a statement issued early this week. The latest recruitment drive is aimed at attracting talent in core technology fields — artificial intelligence, semiconductors and next-generation mobile communications — and emerging industries — electric vehicles, digital healthcare and robotics, the
MRT TRAVEL FALLS: In February, ridership on the Taipei MRT System fell 8.96 percent from an average of 2.01 million per day in January Scooter sales jumped 13 percent last month as more commuters turned to two-wheelers to avoid public transportation amid the COVID-19 pandemic, the latest statistics showed. Sales expanded to 74,493 units last month, compared with 65,913 units in February, statistics released on Wednesday by Kwang Yang Motor Co (光陽工業) and the Ministry of Transportation and Communications showed. In the first quarter, aggregate sales slid 0.51 percent year-over-year to 186,627 units, from 187,580 units, data showed. Kwang Yang, the nation’s biggest scooter manufacturer, continued to lead the market by selling 24,136 vehicles last month, growing 6.12 percent from 20,785 units in the previous month, while
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