European markets rise to 6-week highs; Portugal wins back investment grade status

The pan-European Stoxx 600 was up by around 0.49 percent during early morning deals, with almost all sectors and major bourses in positive territory.

European shares rose to six-week highs on Monday, led higher by gains in the telecoms sector and banking index.

Portugal’s stocks outperformed after the euro zone country returned to an investment grade rating after more than five years. The country’s PSI 20 index rose almost 2 percent, on track for its biggest one-day gain since mid-July.

Looking at individual stocks, EDF surged to the top of the benchmark on Monday morning, after Goldman Sachs raised its stock recommendation to “buy” from “neutral”. Shares of the French utility firm were more than 4 percent higher on the news.

Ryanair slumped to the bottom of the European index after the airline announced plans to cancel between 40 and 50 flights per day until the end of October, disrupting hundreds of thousands of planned journeys. The continent’s largest airline, in terms of passenger numbers, was more than 3 percent lower in early morning deals.

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