European stocks stabilize after a strong week

European shares steadied on Monday after the benchmark index posted its biggest weekly jump since March, while Ryanair shares had their best performance in a month after record annual profits.

The European STOXX index rose 0.1 percent by 0810 GMT after jumping more than three percent last week, with investors cheering a series of strong earnings and signs of the end of monetary policy tightening by major central banks.

Ryanair shares rose 5.8 percent after Europe’s largest airline by number of passengers forecast record annual profits and promised to distribute regular dividends, raising the travel and leisure sector index 1.3 percent.

Telecom Italia shares gained 2 percent after agreeing to sell its fixed-line network worth 19 billion euros ($20 billion) to the American private equity firm KKR.

Evotec shares fell 2.6 percent after BRC Bank downgraded the German biotechnology company’s stock rating.