STOCKS closed unchanged at a two-month high yesterday, with German equities posting their longest winning streak since May last year.
The Stoxx Europe 600 index stood at 346.28 at the close of trading, after earlier rising as much as 0.4 percent. Utility companies were among the biggest gainers, with RWE and EON helping push Germany’s DAX index up 0.6 percent. The European gauge has rebounded 12 percent from this year’s low last month amid additional stimulus measures from central banks in China, Japan and Europe.
“There is still a lot of money around which could be invested back into equities,” said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland. “As long as central banks are pushing stocks, there is really a big support beneath this move.”
German equities have climbed 16 percent since their low last month. The DAX closed at its highest level since July. – Bloomberg