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European stocks bounce back


European stocks bounce back


European shares finished slightly up on Monday, bouncing back after last week’s sell off as investors took advantage of oversold bargains.

The energy sector performed strongly – BP, BG and Royal Dutch Shell all benefited from higher oil prices .

Pharmaceutical stocks were led higher by a 5.7% jump in Britain’s third largest biggest drugmaker .. Shire, after it was upgraded by analysts at Goldman Sachs.

But the health of the banking sector is still causing worries UBS and Credit Agricole both lost around 4.5%.

The euro slipped as the latest economic data for the region showed manufacturing and service sectors contracted in May and German business sentiment fell indicating increasing weakness in the euro zone.

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