European stocks rose on Tuesday, with the healthcare sector leading the gains, driven by Novo Nordisk shares after the U.S. Food and Drug Administration approved its weight-loss pill.
The pan-European STOXX 600 index rose 0.1% to 587.79 points, Germany’s DAX index climbed 0.1% to 24,312.09 points, Britain’s FTSE index was flat at 9,869.39 points, and France’s CAC index was flat at 8,116.90 points.
Shares of Novo Nordisk rose 5.8% after the U.S. Food and Drug Administration approved the weight-loss pill on Monday, giving the company a significant competitive advantage in the growing and lucrative weight management market.
The healthcare sector rose by 0.8%, recording the largest increase among similar sectors.
Conversely, consumer stocks had the heaviest impact on the index, with some luxury goods companies, such as Richemont, declining. The energy sector also fell by 0.1% after posting gains for four consecutive sessions.
The U.S. GDP figures for the third quarter, expected to show continued strong growth in the U.S. economy, remain the focus of investors during a week lacking significant economic data.
