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CAC 40 Rises After Tight German Election Result

French stocks rose on Monday after the SPD won the largest share of votes in the German election of 2021, helping reduce the chances of a left-wing coalition forming a government.

The benchmark CAC 40 index rose 38 points, or 0.6 percent, to 6,677 after ending 1 percent lower on Friday.

The euro slipped against the dollar as an uncertain German election outcome raised concerns of a prolonged decision on the leadership of Europe's biggest economy.

Automaker Renault rallied 2.3 percent while banks BNP Paribas, Credit Agricole and Societe Generale climbed 1-2 percent.

Biocorp shares jumped more than 4 percent. The medical devices company announced an agreement with Danish pharmaceutical company Novo Nordisk A/S (NVO) for the development and distribution of a Mallya smart add-on device for the Novo Nordisk FlexTouch pen used by people with diabetes.

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