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(Sharecast News) - European shares finished a week of rampant gains on a positive note, helped by reports that the second wave of Covid-19 cases in Belgium and France might be breaking.
Nevertheless, as European Central Bank chief, Christine Lagarde, had pointed out just the day before, risks remained, not least those linked to the recent cluster of Covid-19 cases at mink farms in Denmark.
For now however, the balance of news on the pandemic front appeared to have improved substantially, even if full relief might still be many months in coming.
"As we move into the second half of the month it will continue to be a battle between the hope of vaccine progress and the reality of the situation on the ground," said IG chief market analyst Chris Beauchamp.
"The talk of a rotation out of growth and into value this week has fizzled as the immediate vaccine bounce faded, and the long winter ahead means these value stocks may struggle to make much headway for the time being."
The pan-European Stoxx 600 was basically flat, up 0.01% to 385.18, while the FTSE Mibtel added 0.41% to 20,903.58 and the Ibex 35 advanced 0.75% to 7,783.70.
Stock markets had started the day in a downbeat mood after the week's early euphoria over a potential Covid-19 vaccine from Pfizer. However, a growing second wave and reality about the timing of any new treatment soon tempered the feelgood factor.
In equity news, Italian infrastructure company Atlantia was in the red after a former chief executive was placed under house arrest by judges investigating the Genoa bridge collapse in 2018 that killed 43 people.
Shares of French power group EDF edged up after third-quarter revenue despite news that the Covid pandemic hit electricity demand and weighed on nuclear energy output in France.
3 May 2024 12:17
CORRECT: Angle shares up on assay development deal with AstraZeneca
(Correcting company name in headline)
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