European shares rise amid tech, bank strength

European shares are in positive territory Friday as investors are buoyed by Apple's $1 trillion valuation and some upbeat bank earnings reports.

European shares rise amid tech, bank strength

European shares are higher Friday, as investors are buoyed by Apple’s feat of hitting a $1 trillion valuation. Banks are also higher amid upbeat earnings releases from banks including Credit Agricole and RBS.

By around 1415 BST, the EUROSTOXX 600 was 0.52% higher, while the ERUOSTOXX 50 had gained 0.30%. Regional bourses were also on the up. The German DAX rose 0.46%, the French CAC was 0.16% in positive territory and the Spanish IBEX moved 0.41% into the green.

Tech stocks rise

European-listed tech stocks are moving mainly higher Friday, following a near 3% gain in Apple shares Wednesday, which lifted it to over $207 per share, for a total company valuation of over $1 trillion.

The Apple stock gains followed a better-than-expected quarterly earnings report after the market close, Tuesday.

Investors bought up chipmakers amid the upbeat tone. Gainers include:

  • Apple supplier, AMS AG shares were 3.24% higher at CHF73.36.
  • Silicon wafer supplier Siltronic shares rose 2.56% to €148.45.
  • Semiconductor manufacturer Infineon shares, gained 0.32% to hit €22.28.
  • BE Semiconductor shares, meanwhile, rose 4.18% to €19.43.

Those rises helped the STOXX tech sector index gain 0.74%.

Banks stocks positive, too

Banks stocks were also trading broadly higher Friday, following some upbeat earnings results.

French bank Credit Agricole shares rose 3.60% to €12.38 after earlier reporting a better-than-expected 6.4% increase in its second quarter net profit to €1.44 billion. Revenue growth was also impressive at 9.8% to €5.17 billion.

That strong performance was supported by its corporate and investment business, while revenues grew across most of its division.

“In the second quarter of 2018, Crédit Agricole S.A. generated its highest level of underlying net income Group share since its IPO,” said group CEO, Philippe Brassac.

“This level has been reached thanks to strong activity trends among its business lines, the support of Crédit Agricole Group's Retail banking networks, the Regional Banks, LCL and the International retail banking, an excellent cost control and a further reduction in its cost of risk, despite a less favourable environment,” he added.

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