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Europe: rally ahead of long weekend

 Natalya Malykh, Leading Analyst, Global Markets (Finam)

IndexCountryValue Change Change. %YTD. %
ATX Austria 2 352.01 -5.94 -0.25% -2.05%
BEL20 Index Belgium 2 592.19 13.95 0.54% 4.70%
FTSE 100 United Kingdom 6 411.74 24.18 0.38% 8.71%
DAX Index Germany 7 795.31 6.22 0.08% 2.40%
IBEX 35 INDEX Spain 7 920.00 19.6 0.25% -3.03%
S&P/MIB Italy 15 338.72 -15.13 -0.10% -5.74%
AEX Netherlands 348.1 1.94 0.56% 1.57%
OMX Nordic 40 Scandinavia 1 164.20 3.67 0.32% 9.74%
CAC 40 France 3 731.42 19.78 0.53% 2.48%
SMI Switzerland 7 813.67 33.5 0.43% 14.53%

 

On Thursday, March 28, European equities closed in green terrain in the absence of any negativity, with bourses showing stronger demand for cheaper shares. Cypriot banks calmly opened their doors to customers after a nearly 2-week break and improved retail sales in Germany galvanized investors. Specifically, retail sales unexpectedly rose 0.4% m-o-m in March against a projected 1% decline. The European gauge Stoxx 600 ended up 0.46% at 293.78. In other data, Germany’s unemployment rate predictably remained unchanged in February at 6.9%, while the UK’s consumer confidence index stayed virtually unchanged, rising from -27 to -26.

As for the regional benchmarks, France’s CAC 40 edged up 0.53%, while Britain’s FTSE 100 firmed 0.38% to 6411.74. Commodities finished lower in London trading, with Anglo American, Rio Tinto and BHP Billiton easing in the range of 0.63%-1.74%, while copper producer Vedanta Resources sank 2.52%.

Danish coffee producer D.E Master Blenders skyrocketed 25.44% on news it has received a bid proposal from major shareholder for the remaining EUR 6.4 bn stake.

Germany’s DAX inched up 0.08% to settle at 7795.31.

German blue chips traded sideways. Among the outperformers, Henkel added 1.6%, with Bayer and SAP advancing 1.59% and 1.38%, respectively. Steel maker ThyssenKrupp slid 1.70%, while carmakers Daimler and BMW shed 2.02% and 2.59%, respectively.

Daimler (-2.02%) management projected non-cash gains in the second quarter after the revaluation of a 7.5% stake in aircraft manufacturer EADS.

In comments to Handelsblatt, Commerzbank CFO rejected any plans to sell the brokerage division providing online services. By the final bell, the company’s stocks ticked up 0.79% on the news.

European markets are closed for Good Friday today.