EUROPEAN STOCKS gained on their first trading day this year, as a measure of German manufacturing beat estimates.
Stock markets in Ireland, the UK and the US were all closed for a bank holiday yesterday, but most markets across Europe were open. National benchmark indexes advanced in 14 of the 15 western European markets where trading took place, with Germany’s DAX Index adding 3 per cent and France’s CAC 40 Index gaining 2 per cent.
The Stoxx 600 rose 1.1 per cent to 247.15 at the close.
Siemens increased 2 per cent, making the second-biggest contribution to the Stoxx 600’s advance. RWE, Germany’s second-largest utility, climbed after Cheuvreux included the stock in its selected list of German stocks for 2012.
“On the first day of the year, a lot of investors, having cleaned their portfolios, have liquidity to invest,” said Arnaud Scarpaci, a fund manager at Agilis Gestion in Paris. – (Bloomberg)
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