Europe Stocks Steady as Health Shares Jump Outweighs Miners Loss

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European stocks held at a 20-month high as a drugmakers rallied to the highest since 2016, outweighing a slump in natural resources stocks.

The Stoxx Europe 600 Index was little changed at 392.67 at the close. The benchmark has gained 7.7 percent this year, outpacing a 6.8 percent gain for the S&P 500 Index.

  • The Stoxx 600 slipped earlier in the day as U.K. Prime Minister Theresa May accused the team of the European Commission President Jean-Claude Juncker of leaking details of their Brexit discussions to sabotage Britain’s election.
  • Energy and mining companies, the biggest gainers in the broader gauge of European equities last year, are now 2017’s worst-performing sectors amid concern over slowing growth in China. Miners fell 2.5 percent to the lowest level this year.
  • European suppliers of Apple led losses in technology shares, with Dialog Semiconductor Plc down 2.5 percent. AMS AG and STMicroelectronics NV lost at least 1.2 percent.
  • Among shares active on corporate results, Novo Nordisk A/S surged 6.8 percent, leading an advance in health-care companies, after reporting higher-than-expected earnings and saying its effort to cut costs are starting to pay off.
  • In a show of relief that France averted the worst-case scenario for a runoff vote, U.S.-listed French ETFs have seen inflows of $562 million in the past week, the most since Bloomberg began tracking the data in 2015. The CAC 40 Index fell 0.1 percent after reaching its highest level since 2008 on Tuesday.

— With assistance by Elena Popina

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