July 29 2024:Â European shares began the week with a positive momentum, driven by the global oil sector amidst concerns over escalating conflict in the Middle East, and a series of encouraging earnings reports that boosted overall market sentiment.
As of 0713 GMT on Monday, the pan-European STOXX 600 index rose by 0.4%, following minor gains posted last week.
The oil and gas sector saw a 1.3% increase, leading regional sectors, as crude prices edged up after a rocket strike in the Israeli-occupied Golan Heights.
Among individual stocks, Philips surged by 8.6% after the Dutch medical devices manufacturer reported quarterly results that surpassed estimates, aided by higher earnings and the execution of its restructuring program.
Germany’s Merck saw its shares rise by 3.6% after the company raised its group forecast, largely due to robust performance in its healthcare and electronics divisions.
Conversely, Heineken dropped by 6% after the Dutch brewer missed expectations for half-year operating profit growth, despite raising its full-year profit outlook.
Reckitt Benckiser shares plummeted by 9.2% as nearly 1,000 lawsuits were filed against Abbott Laboratories and the maker of Enfamil formula. A jury on Friday ruled that Abbott’s specialized formula for premature infants caused an Illinois girl to develop a severe bowel disease, ordering the healthcare company to pay $495 million in damages.
