Europe closes mixed after selloff; Novo Nordisk surges
European equities closed mixed on Friday, but lower on the week, as investors mulled the growing conflict in Yemen.
The pan-European Euro Stoxx 600 Index closed around 0.3 percent higher on the day, but 2.1 percent lower on the week, following some heavy losses in previous sessions.
London's benchmark FTSE 100 index closed provisionally 0.6 percent lower, while the French CAC and the German DAX closed up 0.6 percent and 0.2 percent respectively.
Peripheral bourses closed in different directions, with Spanish stocks ending lower on the day, while Greek and Portuguese stocks finishing in positive territory.
European markets
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 8,420.26 | -18.39 | -0.22% |
| .GDAXI | DAX | 18,704.42 | -34.39 | -0.18% |
| .FCHI | CAC 40 Index | 8,167.50 | -20.99 | -0.26% |
| .FTMIB | FTSE MIB | 35,398.82 | -11.31 | -0.03% |
| .IBEX | IBEX 35 Idx | 11,327.70 | +28.40 | +0.25% |
Airline stocks outperformed on Friday, after the sector sold off heavily on Thursday as the oil price rose sharply.
The price of oil initially spiked on concerns that the Yemen conflict could see a key shipping route for oil tankers located between Yemen and Djibouti close.
But the commodity resumed its decline on Friday, as fears of a closure eased. U.S. crude and Brent fell 3.2 percent and 2.6 percent respectively, following a 5 percent surge overnight.
Mining stocks showed weakness on Friday, due to the continued slump in the price of iron ore and a fall in gold, as investors returned to risk assets. The helped pushed the basic resources-heavy FTSE 100 into negative territory.
In individual stocks news, shares of Novo Nordisk surged 10 percent after the pharma firm announced it was resubmitting a new insulin drug for clinical trials in the U.S.
Sports outfitter Adidas also rose 2.8 percent, due to a price target upgrade from Deutsche Bank.
U.S. stocks traded mostly higher on Friday as equities attempted to break the week's decline and investors remained cautious ahead of first quarter earnings in April.
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