European stocks traded quietly on Wednesday after closing at a new record high in the previous session, with trading remaining limited due to the shortened session caused by the holiday season.
The pan-European STOXX 600 index settled at 588.93 points, after hitting consecutive record highs this week.
Trading volumes are expected to remain weak as a number of markets are closed or operating for reduced hours on Christmas Eve.
Stock exchanges in Amsterdam, Brussels and Paris held half-day trading sessions, while those in Germany and Milan were closed.
The Stoxx 600 index hit a record high on Tuesday, driven primarily by strong performances in healthcare stocks after pharmaceutical giant Novo Nordisk received significant U.S. approval for a weight-loss pill. Market sentiment also received a boost after U.S. data showed the American economy grew at a much faster pace than expected in the third quarter.
On Wednesday, commodity-related stocks provided support to the market, with energy shares rising 0.4% after oil prices climbed for the sixth consecutive session. BP shares rose 1% after the company agreed to sell a 65% stake in Castrol to Stonebeck Investments for approximately $6 billion.
Mining stocks also rose 0.1% after precious metals such as gold, silver, platinum and copper hit record highs amid the current frenzy in the metals markets.
