European shares gain on defensives; healthcare, leisure stocks surge

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European shares gain on defensives; healthcare, leisure stocks surge

On Friday, a basket of European stock indices had winded up the session higher, echoing the latest gain in the Wall Street, as defensives like of healthcare alongside leisure stocks ramped up. In factuality, in the day’s broad-based gain in a majority of European bourses were catapulted by a rally in leisure stocks, as Flutter surged as much as 14.4 per cent after releasing an upbeat third quarter earnings’ forecast, while a rebound in drugmakers had fuelled up optimism further.

Shares’ prices of GlaxoSmithKline, Sanofi alongside Haleon had scored a gain between 0.8 per cent and 3.6 per cent. Besides, as the regional pan-European STOXX wrapped up the day 0.2 per cent higher, an investment strategists at Bank of America Sebastian Reader said, “We raise (European) pharma from marketweight to overweight, as our macro projections imply scope for 10%+ outperformance by the first quarter next year after the sharp recent pull-back”.

European shares end week higher

Citing statistics, in the day’s European market wind-down, London’s benchmark FTSE 100 added 0.47 per cent to 7,500.89, French CAC 40 rose 0.14 per cent to 6,553.86, while Frankfurt’s DAX added 0.74 per cent to 13,795.85.

Elsewhere in the Europe, Italy’s FTSE MIB gained 0.49 per cent to 22,970.73, while Madrid’s IBEX 35 added 0.24 per cent to 8,400.40. Over the week, London’s FTSE 100 gained 0.82 per cent, French CAC 40 rose by 1.26 per cent and Frankfurt’s DAX jumped 0.74 per cent to 13,795.85, while Italy’s FTSE MIB surged 0.49 per cent to 22,970.73 and Madrid’s IBEX 35 gained 0.24 per cent to 8,400.40.