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Europe: Stocks tick up post ECB decision, banks fall

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[BENGALURU] European shares rose slightly on Wednesday as gains across most sectors offset losses among lenders, which were hit by a lack of detail in European Central Bank (ECB) comments after the bank left borrowing costs unchanged. Read more at The Business Times.

[BENGALURU] European shares rose slightly on Wednesday as gains across most sectors offset losses among lenders, which were hit by a lack of detail in European Central Bank comments after the bank left borrowing costs unchanged.

Banks, which were broadly boosted some weeks ago on reports of a planned ECB tiered deposit rate, dropped 0.3 per cent as investors failed to get details on this from Draghi.Commerzbank slid 2.3 per cent, as German Chancellor Angela Merkel said the result of its merger talks with Deutsche Bank was open and after a report Deutsche Bank's chief executive told his Commerzbank counterpart that he wants more time to consider a merger.

The sector index has a dividend yield of 4.15 per cent, according to Refinitiv Eikon data, and each stock on the index ended Wednesday higher. European basic resources stocks added 1 per cent, with Norsk Hydro rising 1.3 per cent. JP Morgan raised its price target on the Oslo-listed aluminum giant, which announced a 150 million Norwegian crown facility upgrade on the day.A 0.4 per cent loss among healthcare stocks tempered the broad benchmark's gains, with Novartis AG knocked 3 per cent lower on the back of price target cuts by UBS, Independent Research and Barclays.

 

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