July 7, 2016 / 7:16 AM / in 2 years

European shares lifted by gains at consumer goods stocks

LONDON, July 7 (Reuters) - European shares rose on Thursday after a three-day losing streak, buoyed by gains in major consumer goods stocks such as Danone and Associated British Foods.

The pan-European STOXX 600 index, which had fallen in the last three sessions, rose 1.2 percent while the FTSEurofirst 300 index advanced 1.1 percent.

Danone rose 4.4 percent as investors welcomed its plans to buy U.S. food group WhiteWave in a $12.5 billion deal.

Associated British Foods surged 6 percent after saying it was sticking to plans to expand its Primark clothing chain across Europe and the U.S., and was optimistic about its continued growth despite uncertainty created by Britain’s vote to leave the EU.

Nevertheless, the STOXX 600 index remains down around 7 percent since the June 23 vote in favour of “Brexit”, with banking and property stocks particularly affected. (Reporting by Sudip Kar-Gupta; Editing by Kevin Liffey)

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