European stocks were moving higher on Monday, with commodity-related shares gaining ground on hopes of a rapid recovery from the coronavirus pandemic.
The pan European Stoxx 600 rose 0.8 percent to 417.23 after gaining 0.6 percent on Friday. The German DAX edged up 0.3 percent, while France’s CAC 40 index rallied 1 percent and the U.K.’s FTSE 100 was up 1.4 percent.
Miners Anglo American, Antofagasta and Glencore jumped 2-4 percent, while oil company BP Plc rallied 2.4 percent, Total SE advanced 2.8 percent and Royal Dutch Shell added 3.1 percent.
Rolls-Royce Holdings climbed 2.6 percent. The aerospace company announced the appointment of Panos Kakoullis as Chief Financial Officer and Executive Director, succeeding Stephen Daintith who is leaving the company as announced last year.
Vodafone Group shares gained 0.7 percent. The telecom major announced that its tower company Vantage Towers’ portfolio increased to around 82,000 macro sites and to a presence in 10 European markets following recent addition of 50 percent stake in U.K. tower company Cornerstone.
Basilea Pharmaceutica gained 1.3 percent after an announcement that it has entered into an agreement to divest its Chinese research and development or R&D subsidiary Basilea Pharmaceutica China Ltd.
French transport company Bollore SA surged 13.4 percent after Vivendi said it planned to distribute 60 percent of Universal Music’s capital to investors and aimed to list its most-prized asset by the end of the year.
Vivendi, which is controlled by tycoon Vincent Bollore, jumped 18 percent.
Shares of United Internet AG advanced 1.4 percent and its unit 1&1 Drillisch AG surged as 5 percent after the companies reported higher fiscal 2020 revenues and issued positive outlook for fiscal 2021.
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