(Bloomberg) -- European stocks rose for a fourth straight session, their longest winning streak since early July, in a broad rally led by telecoms and utilities.
The Stoxx Europe 600 Index ended 1.1% higher, testing a key technical level representing its 200-day moving average. Telecoms got a boost after Liberty Global Plc agreed to buy Sunrise Communications AG in a deal that values the Swiss phone carrier at about $5.4 billion. Freenet AG, Sunrise's largest shareholder, also jumped.
European stocks have gained 5.2% so far in August following a dip in July, outperforming U.S. peers. As the earnings season comes to an end, investors have been buying back into sectors hit hardest by the pandemic, including travel stocks, autos and media firms, which are among the best-performing sectors so far this month.
“Even though you've seen progress toward the vaccine, you've seen the adaptation of societies to the new environment,” said Alastair George, chief investment strategist at Edison Group.
Among individual stocks, Just Eat Takeaway rose 3.2% after the online food delivery company saw orders surge in the first half thanks to a boost from the lockdowns.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
