European stocks rise with the support of the energy and healthcare sectors

European stocks opened higher on Monday, supported by the rise of energy stocks, with the rise in global oil prices, and the rise in health care stocks, thanks to the strong performance of the Danish pharmaceutical company, Novo Nordisk.

The pan-European Stoxx 600 index was up 0.4 percent by 0712 GMT, after closing at a six-week low on Friday.

The index of energy companies rose 1 percent as crude oil prices rose, as global supply tightening caused by falling exports from Saudi Arabia and Russia offset concerns about demand growth in light of rising interest rates.

The European healthcare index rose 0.6 percent, with Novo Nordisk rising 1.3 percent after Morgan Stanley raised its price target for the drugmaker.

Germany’s DAX rose 0.4 percent in early trade, even after official data showed a larger-than-expected decline in German producer prices in July.