Rise of European stocks, supported by the healthcare sector

European shares rallied on Monday, supported by gains in the healthcare sector that helped the main index extend its sizable gains so far into the new year, while Britain’s FTSE 100 hovered near a record high.

The pan-European Stoxx 600 rose 0.1 percent in early trading, supported by a 0.8 percent rise in health care shares.

Pharmaceutical shares such as Koninklijke Philips (AS:PHG) and Novo Nordisk rose more than 2 percent each.

The European index has risen 6.6 percent since the beginning of the year, as warmer weather boosted hopes of a milder-than-expected recession in the region, and data indicated easing price pressures in the United States and the euro zone.

Britain’s FTSE 100 rose 0.1% to 7,852.84, just off a record high of 7,903.50.

The weak performance of major companies such as (LVMH) and Hermes International affected the Stoxx 600 index on Monday.

And the Swiss financial software company Temenos announced that its share rose 5.4 percent after its CEO, Max Schward, left his position in the company, which was under pressure from shareholders.

Marks & Spencer rose 0.8% after the British clothing and food retailer announced plans to open 20 new stores in the 2023-2024 financial year as part of a 480 million pound ($587 million) investment in its stores.