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Energy Sector Leads The Gains in European Equities

Adel 4 December, 2020 1:50 pm Global Stock Market, Market Update

European stocks rose on Friday, as energy stocks pushed the leading companies ’index in London to a nine-month high, while Bionics fell after Pfizer cut its target to distribute their Covid-19 vaccines.

Britain’s FTSE 100 index gained 0.5% as energy shares advanced after a settlement was reached among OPEC+ members to continue some production cuts.

The pan-European STOXX 600 index rose 0.2%, while the German DAX index performed less than the rest of the indices and stabilized during trading.

German Biontech shares fell 4.4% after Pfizer said that an interruption in the supply chain forced it to cut its 2020 production target for its COVID-19 vaccine, which it is developing with Biontech.

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