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PARIS / LONDON (dpa-AFX) – The rocking stock market at a high level on the major European stock exchanges continued on Thursday. After the losses on the previous day, the signals were now pointing to recovery. The EuroStoxx 50 (EURO STOXX 50) as the leading index of Eurozone gained 0.58 percent to 4169.87 points. At the beginning of last week the index had reached its highest level in more than 13 years, and since then it has been fluctuating below this level.
It is possible that investors are already positioning themselves for the so-called big expiry on Friday. Then the futures contracts and options on major stock indices such as the EuroStoxx 50 or the Dax expire on the derivatives exchanges. Shortly beforehand, investors try to move prices in the direction that is favorable for them – price fluctuations are then often erratic. So it could be exciting again on Friday.
In Paris, the French CAC 40 increased by 0.59 percent to 6622.59 points. The British FTSE 100 rose moderately by 0.16 percent to 7027.48 points.
The weakest sector in Europe and one of the few with negative signs was raw material values with minus 2.7 percent. Traders attributed the losses primarily to concerns about the economy in the growth country China, which is the world’s largest importer of raw materials.
On the other hand, stocks from the travel and leisure sector were sought, above all the papers of low-cost airlines and online betting providers. The shares of Dublin-based Flutter Entertainment went up by almost four percent and those of British Entain by a good two percent. The shares of the Swedish betting company Evolution Gaming gained over four percent in Stockholm.
Ryanair’s optimistic statements on business development and some relaxation in the corona pandemic gave the airline industry a tailwind. The Irish low-cost airline had raised its growth target. Ryanair shares then rose by around eight percent, EasyJet by a good seven percent and Wizz Air gained five percent. There was also a media report according to which the British government could ease travel restrictions considerably.
Inditex (Inditex) climbed at the top of the EuroStoxx 50 by five percent to a high in three months. The French investment house Kepler Cheuvreux had upgraded the shares to “Buy”. Analyst Inigo Egusquiza Castellanos gives the course of the Spanish textile chain more than 20 percent upside potential.
An upcoming takeover of the Lagardere publishing and media group (Lagardere SCA) by the industry giant Vivendi caused Lagardere’s shares to soar by almost 20 percent. Vivendi shares rose slightly. Vivendi wants to take over the share of the financial investor Amber Capital in Lagardere. That in turn would mean a mandatory offer for the entire Lagardere group. Vivendi is likely to be primarily interested in Lagardere’s international publishing business, wrote analyst Daniel Kerven of JPMorgan./bek/men