Sunday, October 1, 2023
European shares hit record high thanks to insurers and deal activity - 2022

European shares rose on Thursday to another record, as strong profits from insurance companies and mergers and acquisitions in Britain helped offset the decline in mining shares.

The pan-European Stoxx 600 index rose 0.1 percent, extending gains for the ninth straight session.

British insurer Aviva rose 3.5 percent after it said it would return at least four billion pounds ($5.5 billion) to shareholders, while Zurich Insurance Group rose 3.8 percent after the company announced a 60 percent jump in operating profit in the first half of the year. .

Shares of Dutch insurance company Aegon jumped 7.3 percent after announcing second-quarter earnings, which came in much better than expected.

Deutsche Telekom rose 2.8 percent after it raised its profit forecast for the second time this year.

The benchmark Stoxx 600 index continued its longest winning streak since June, as earnings reports and optimism related to the pace of vaccinations across Europe boosted investor confidence in the economic recovery.

Senworld Group shares rose 3.9 percent after it said it was considering listing itself or partially listing Regal for its Wall Street movie theaters.

Adidas shares advanced 1.6 percent after selling its Reebok brand to Authentic Brands Group for 2.1 billion euros ($2.5 billion).

Mining stocks fell, with the shares of global mining company Rio Tinto, listed in Britain, falling 5.5 percent due to trading in the stock with the expiration of the right to a cash dividend.


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