London: European stock indices closed higher Friday, recording their best weekly performance in five months. Healthcare and mining stocks led the gains, as sentiment was boosted by increased bets that the Federal Reserve will cut interest rates.
According to Qatar News Agency, the pan-European Stoxx 600 index rose 0.5 percent at the close, reaching its third consecutive session high, with weekly gains reaching 2.8 percent. Healthcare stocks were the top gainers, rising 1.3 percent, with AstraZeneca up 1.6 percent and Novo Nordisk up 2.1 percent.
Bank stocks rose 1 percent, with Raiffeisen shares climbing 7.4 percent, becoming the top gainer on the Stoxx 600. Dutch bank ABN AMRO gained 2.7 percent after Goldman Sachs upgraded its rating. The Basic Resources Index, which includes Europe’s largest mining companies, rose 1.7 percent, helped by a rise in base metal prices.
The Stoxx 600 index reached record highs, supported by hopes that the Federal Reserve would cut interest rates and a recovery in the healthcare sector, which narrowed the gap with Wall Street. The index has risen 12.4 percent since the beginning of the year, compared to a 14.7 percent rise in the US S and P 500.