By Sagarika Jaisinghani and Susan Mathew
(Reuters) – Promising business activity in the eurozone sent European equities reversing earlier losses on Monday, leaving them only about 0.5% below historic highs, while Morrisons’s nearly 12% surge led to losses. London mid-caps to record highs.
The FTSEurofirst 300 index rose 0.29% to 1,768 points, while the pan-European STOXX 600 index gained 0.34% to 458 points, extending its gains for a third consecutive session.
Eurozone companies expanded their activity at the fastest rate in 15 years in June, as the easing of further restrictions linked to the coronavirus boosted the bloc’s services sector, PMIs showed.
The increase came at the expense of mounting inflationary pressures.
Banks, commodity and travel stocks led the day’s gains. Trading volumes, however, remained subdued, with US markets closed due to the long weekend of the 4th of July holiday.
British mid-caps recorded their best day in two months, up 1.2%.
Morrisons jumped to a high in nearly eight years after US company Apollo Global Management became the third bidder to take over the British supermarket group, saying it was considering a possible bid.
In LONDON, the Financial Times index rose 0.58% to 7,164.91 points.
In FRANKFURT, the DAX index rose 0.08% to 15,661.97 points.
In PARIS, the CAC-40 index gained 0.22% to 6,567.54 points.
In MILAN, the Ftse/Mib index appreciated by 0.63%, to 25,441.34 points.
In MADRID, the Ibex-35 index rose 0.44% to 8,946.40 points.
In LISBON, the PSI20 index gained 0.32% to 5,163.24 points.
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