Tech, insurance stocks lift STOXX 600 to over one-month high
2024.08.28 03:39
(Reuters) – European shares hit a more-than-one-month high on Wednesday, boosted by technology stocks ahead of Nvidia (NASDAQ:)’s results later in the day and as Ageas’s better-than-expected results lifted insurance stocks.
The pan-European index gained 0.2% by 0715 GMT, to 519.86 points, its highest since July 15.
Tech stocks rose 0.4% and were the biggest boost to the index, ahead of Nvidia’s second-quarter results due after U.S. trading hours.
The insurance sector gained 0.6%, the most among sectors, lifted by Ageas’s 6% jump after the Belgium-based insurer’s half-year net operating results beat expectations.
Basic resources lost 0.6% after metals prices fell as weak economic data in major economies and concerns about demand weighed on prices. [MET/L]
Data showed French consumer confidence for August was at 92, in line with estimates, helping lift the benchmark stock index up 0.3%. Unemployment data is due at 1000 GMT.
Among individual stock moves, Elekta surged 10.2%, the most on the STOXX 600, after the Swedish radiation therapy equipment maker reported its first-quarter results.
LEG Immobilien lost 3.3% after the German real estate firm launched a 500 million euro convertible bond offering.
