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European shares up, led by financials, health stocks; Aveva gains on Schneider deal
September 5, 2017 / 7:29 AM / 3 months ago

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

LONDON, Sept 5 (Reuters) - 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 percent, 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 percent.

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

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 percent after shares in British engineering software firm Aveva rocketed more than 24 percent. 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 percent.

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

Reporting by Kit Rees, editing by Larry King

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