European Markets Finish Mixed In Light Trading

The European markets fluctuated between small gains and losses over the course of Thursday’s session and finished with mixed results. Trading activity was on the light side due to the Ascension Day holiday.

Energy stocks were in focus due to the OPEC meeting in Vienna today. OPEC ministers announced an agreement to extend cuts in oil output by 9 months. Crude oil prices have weakened in response to the announcement.

The pan-European Stoxx Europe 600 index weakened by 0.23 percent. The Euro Stoxx 50 index of eurozone blue chip stocks decreased 0.06 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.08 percent.

The DAX of Germany dropped 0.17 percent and the CAC 40 of France fell 0.08 percent. The FTSE 100 of the U.K. gained 0.04 percent and the SMI of Switzerland was closed.

In London, Petrofac plunged 29.95 percent after the oil services company suspended Marwan Chedid as Group Chief Operating Officer until further notice. The company said it will cooperate with the SFO Investigation, and formed a Committee to be solely responsible for its engagement with the SFO and to oversee the company’s response to their investigation.

Daily Mail and General Trust sank 6.78 percent after it reported a sharp decline in first-half statutory profit before tax and updated underlying revenue growth forecast for dmg information segment.

UK’s economic growth eased more than previously estimated in the first quarter due to the downward revisions to services and production. Gross domestic product grew 0.2 percent sequentially in the first quarter instead of 0.3 percent estimated on April 28, the second estimates from the Office for National Statistics showed Thursday.

UK mortgage approvals declined slightly in April, figures from the British Bankers’ Association showed Thursday. The number of mortgages approved for house purchases fell to 40,750 in April from 40,872 in March.

Italy’s industrial orders decreased in March after rebounding in the…

Read the full article from the Source…

Back to Top