MW: European stocks build on Draghi-inspired gains
European stocks rose Friday, extending gains from the previous session when the European Central Bank’s president, Mario Draghi, underlined the bank’s commitment to stimulus efforts.
The Stoxx Europe 600 SXXP, +0.61% rose 0.5% to 399.94, with the move narrowing its potential weekly loss to 0.1%.
Health-care, financial and consumer-goods shares were the best performers. Roche Holding Ltd. ROG, +3.35% was among the strongest gainers, rising 2.8% after the Swiss drug maker showed positive results from trials related to the treatment of lung cancer.
The Stoxx Europe 600 on Thursday climbed 0.6%, cementing the gain after Draghi said the ECB‘s measures to stimulate the eurozone economy “will stay in place as long as needed for its objective to be fully achieved on a truly sustained basis.”
On Friday, Germany’s DAX 30 DAX, +0.40% rose 0.5% to 11,625.67, adding to its 1.8% rally the day before, and France’s CAC 40 PX1, +0.54% tacked on 0.6% to 5,058.83.
In London, the FTSE 100 UKX, +0.42% gained 0.4% to 7,000.35. There, SABMiller PLC SAB, +1.08% shares gained 0.8% after the maker of Peroni and Miller Genuine Draft said it’s moving into the U.K. craft beer market by purchasing Meantime Brewing Company. The terms of the deal for Greenwich, London-based Meantime weren’t disclosed.
The euro EURUSD, -0.4295% fell in the wake of Draghi’s comments, trading at $1.1359 on Friday, compared with $1.410 late Thursday.