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Europe Stocks Rise as Buoyant Pharmas Offset Miners
Contrarian Profits (November 28th, 2008) Writes:
FTSEurofirst 300 up 1.1 pct on the day, up 13 pct on week… Index lost 7 pct in Nov, ninth month of losses in 2008… Cyclicals hammered; defensive pharmas surge
European stocks ended higher on Friday, as buoyant pharmaceutical shares eclipsed a drop in cyclical mining and industrial sectors hit by renewed economic fears, while energy shares tumbled along with oil.
The FTSEurofirst 300 index of top European shares closed 1.1 percent higher at 862.07 points.
Although it gained 13 percent during the week, the index dropped 7 percent in November, recording a ninth month of losses in what has been a torrid 2008 for equities worldwide.
Pharma stocks made strong gains on Friday, with GlaxoSmithKline up 5.1 percent and Sanofi-Aventis up 4.5 percent. Novartis , whose CEO said the company could increase its dividend and also resume share buybacks
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