Stock markets in Europe received a little push on Monday following a report about a deal that was struck between Unilever and Alberto Culver. The deal that provided the little boost to the stock market was because theAnglo-Dutch Company, Unilever had struck a deal to buy-out the hair-product Company Alberto Culver.
The agreement between the two conglomerates amounted to an amount of $3.7billion.
The rise in the stock market came despite confirmed reports that the Anglo Irish Bank’s debt has been downgraded to three times by the Moody’s Investors Service. The indebted Anglo Irish Bank has been expected to receive further support from the Government.
Joshua Raymond from City Index while commenting on the new developments stated that the ups and downs in the equity market have been dictated on the recommendations made by brokers. He stated that the reason why the market has been moving on the recommendations of brokers is because the market completely lacked any strong news or data related to the economy.
According to further developments in the recent past, investors at Smiths Group were a disappointed bunch, as the Bank of America downgraded the group citing low sales in emerging markets as a key reason behind the downgrade. Shares for Whitbread however, did get that little push following the thumbs-up by Credit Suisse.