European shares up, led by financials, health stocks; Aveva gains on Schneider deal

Financials were the biggest contributors to gains, recovering after the risk-off start to the week. Basic resources was the top-gaining sector. NSEBSEMerckLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES LONDON: European shares crept higher on Tuesday, brushing off geopolitical tension as attention turned to deal-making after Aveva’s tie-up with Schneider Electric. Financials and health stocks underpinned broader gains.

    The pan-European STOXX 600 index rose 0.2 per cent, recovering after a three-day winning streak ended Monday, following North Korea’s sixth and most powerful nuclear test on Sunday. Euro zone blue chips gained 0.3 per cent.

    Britain’s FTSE 100 index was up 0.3 per cent and Germany’s DAX rose 0.4 per cent.

    Financials were the biggest contributors to gains, recovering after the risk-off start to the week. Basic resources was the top-gaining sector.

    Health stocks also helped underpin the rise, led higher by Germany’s Merck KGAA, which said that it was considering selling its consumer health business.

    British mid caps jumped 0.4 per cent after shares in British engineering software firm Aveva rocketed more than 24 per cent. Aveva agreed to combine with Schneider Electric’s software business, creating a London-listed software firm worth more than 3 billion pounds.

    Shares in Schneider Electric advanced 1 per cent.

    German drugs packaging firm Gerresheimer was among the biggest fallers, extending losses to trade 3.6 per cent lower after Deutsche Bank downgraded the stock to «hold» from «buy» on the back of a difficult market environment.

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