European stocks rise thanks to banking results and technology sector gains

European stocks opened higher on Friday amid a state of joy among investors with a group of strong results from French banks, including Société Générale and Credit Agricole, while the technology sector received support thanks to strong results announced by Apple in addition to an unprecedented share buyback.

The European STOXX 600 index rose 0.2 percent by 0712 GMT, but is heading towards a weekly decline, with gains in the banking index making it one of the biggest gainers among sectors.

Société Générale shares jumped 5.5 percent after a smaller-than-expected decline in first-quarter net income, while Credit Agricole (EPA:CAGR) shares rose 3.7 percent after a jump of about 55 percent in first-quarter net profit, exceeding expectations. The French index rose 0.2 percent.

The technology companies index was the biggest gainer, rising 0.9 percent, supported by Apple Inc. (NASDAQ:AAPL) exceeding its second-quarter results and expectations, as well as revealing an unprecedented share buyback program.

Glencore (LON:GLEN) shares fell 1.8 percent after Reuters reported that the mining company was considering acquiring Anglo American.