European shares up, boosted by energy stocks

European shares witnessed a slight increase on Thursday buoyed by energy stocks, as the market heads into the long Easter weekend, Reuters reported.

The pan-European STOXX 600 index rose by 0.1 per cent, reaching a new record high as of 08:23 GMT.

The index is on track to record gains for the second consecutive quarter, with a 6.9 per cent increase so far, driven by a surge in technology stocks amid enthusiasm for artificial intelligence and signals of interest rate cuts from major central banks.

Shares in the oil and gas sector provided the biggest lift, rising by 0.4 per cent as oil prices rebounded after two sessions of declines.

However, the market’s attention is primarily focused on the US personal consumption expenditure data, due to be released on Friday when markets are closed.

This data will help determine the timing of the US Federal Reserve’s rate cuts, potentially influencing the actions of other central banks.

In individual stocks, JD Sports saw an 8.3 per cent surge, topping the STOXX 600, as the sportswear retailer announced that its pre-tax profit for the upcoming year is expected to meet its guidance.

This news boosted the broader retail sector, which rose by 0.7 per cent.

On the other hand, Casino shares plummeted by 62.5 per cent after the French food retailer announced the completion of its financial restructuring.

The company also revealed that a new leadership team, led by Czech billionaire Daniel Kretinsky, has taken control.