European equities extended their recent recovery on Thursday, buoyed by a continued pullback in oil prices and firmer sentiment on Wall Street after the initial drop following the U.S. interest-rate decision.
The EuroStoxx 50 gained 0.90% to close at 6,322.90 points. The UK’s FTSE 100 rose 1.19% to 10,816.14 points, while Switzerland’s SMI added 0.57% to reach 13,947.31 points. Traders noted relief after the Bank of England left its benchmark rate unchanged at its latest policy meeting.
Within the Stoxx Europe 600, investors rotated into cyclical sectors that had lagged. Mining and commodity producers, along with automotive stocks, led the advance. Renault shares recovered 2.4% after a sharp sell-off the previous day. Industrials and other economy-sensitive names also attracted buying.
Nokia rose 4.7% after reporting an expansion of its partnership with Microsoft. Retailer Next gained 2.5% after once again raising its full-year profit forecast during the current trading year.
By contrast, oil and gas companies and chemical producers traded comparatively weakly. Defensive sectors such as consumer staples and food producers saw little investor interest.
