Europe starts in green on back of US jobs report

Monday, 12. March 2018 09:08

Investors boosted the value of stocks in Europe at the opening bell on Monday, led by utilities and technology. Germany's E.ON SE agreed to give RWE AG a 16.67% stake and get 76.8% in Innogy SE in return, and to offer minority shareholders in the renewables, power network and retail electricity business €40 per share, valuing it at €22 billion. RWE would also pay €1.5 billion in cash. The upbeat sentiment has held since the previous day, when official statistics showed a robust increase in nonfarm employment in the United States.

The FTSE 100 index started 0.36% higher. GKN, which is aiming to sell a minority stake in its automotive division to United States–based Dana, jumped 2.64% and landed at the top of the chart after Melrose increased its counteroffer to £8.1 billion. The CAC 40 strengthened 0.47% in Paris, led by Veolia and Engie's 1.82% and 1.56% in positive territory, respectively.

The DAX jumped 0.86%. RWE leaped 11.36% and E.ON was the second-best performer, spiking of 5.5%. Innogy, which announced quarterly earnings before the bell, soared 15.73%.

The euro was 0.2% in the green, buying $1.23313 at 9:13 am CET, and flat at £0.88884. The pound advanced 0.19% to $1.3873. Gold was just 0.1% down at $1,322.2 per ounce.

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