Modupe Gbadeyanka
By Investors Hub
European stocks have turned mixed on Monday after a survey showed Eurozone economic sentiment weakened at a faster than expected pace in April amid a sharp deterioration in the morale in industry.
The economic sentiment index decreased to 104 in April from 105.6 in March, while economists had expected a score of 105.
The euro has firmed up against the dollar but dipped versus the pound after Spain’s third parliamentary election in less than four years did little to dispel uncertainty over the country’s political future.
While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the French CAC 40 Index and the German DAX Index are both down by 0.1 percent.
Bayer Group has moved sharply lower on the day after a majority of shareholders refused to ratify management’s actions in 2018.
British online grocer Ocado has also tumbled. The company said a huge blaze, which destroyed its major distribution centre in Andover, southern England, was caused by electrical fault.
German chemicals maker Covestro has also moved to the downside after its first quarter earnings fell sharply from last year.
SAS has also slumped after the Scandinavian airline canceled most of its domestic flights amid a pilots’ strike over their wages and working conditions.
On the other hand, Spanish bank Bankia has moved significantly higher after its first quarter net profit topped forecasts.
Dutch consumer electronics giant Philips Electronics NV has also rallied. The company expects sales growth to accelerate in coming months after a weak first quarter.
Sanofi shares has also advanced after the FDA approved Praluent (alirocumab), which reduces the risk of heart attack, stroke, and unstable angina requiring hospitalization in adults with established cardiovascular or CV disease.
Fashion group SMCP has also moved sharply higher after reporting first quarter sales in line with expectations.
