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Shire among European rising pharma stock

Tuesday, June 17 17:51:37

European stock markets rose today to claw back ground lost in previous sessions, as new signs of possible takeover activity pushed up major healthcare and pharmaceutical stocks.

Healthcare stocks such as Novo Nordisk and its Dublin-headquartered rival Shire added the most points to the FTSEurofirst 300.

Shire rose 3.5 percent after Reuters reported that the company had hired investment bank Citi as an adviser, expecting to receive takeover approaches following a wave of deals in the healthcare sector.

Sunrise Brokers' equity strategist Christopher Mellor backed healthcare stocks as his preferred equity sector for this month.

The prospect of high margins, improving earnings and possible merger and acquisition activity made the sector an appealing one for investors, he said. (Reuters)