European stocks higher in thin trade; DAX up 1.02%
Investing.com
Published Jan 02, 2012 04:06AM ET
During European morning trade, the EURO STOXX 50 rose 0.69%, France’s CAC 40 advanced 0.47%, while Germany’s DAX 30 added 1.02%.
European stocks had climbed in the last week of 2011 as upbeat U.S. data added to hopes that the recovery in the world’s largest economy is gathering pace.
Financial stocks were broadly higher as shares in Germany’s Deutsche Bank added 4.2% and Dutch lender ING Group climbed 0.90%, while France’s BNP Paribas and Societe Generale advanced 0.53% and 0.89% respectively.
Several heavily-weighted German stocks contributed to gains, with business-software groups SAP AG rise 0.86% and power company E.ON AG jumping 1.32%.
Meanwhile, Veolia Environment added 1%. According to the Sunday Times, the company has drawn interest for its U.K. water business from bidders including Allianz SE and Canada’s Borealis pension fund.
On the downside, Porsche slipped 0.13% as it is being sued by a group of investment funds who have allegedly suffered from the carmaker’s failed takeover attempt of Volkswagen in 2008.
Separately, Porsche said it will aim to boost new car sales by more than the 6.5% anticipated for the global market in 2012.
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Written By: Investing.com
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