The better-than-anticipated third-quarter profit from Royal Philips Electronics NV helped prop up the European stock markets on Monday. Going by the reports, the European consumer electronics bigwig has registered a net profit of euro174 million; thereby bringing about a 6 percent rise in the company's shares.

Commenting on Philips' quarterly figures, Howard Wheeldon, a BGC Partners strategist, said that after a rather "rocky past," Philips Electronics is finally amid a fairly positive time and has notably improved its performance.

Moreover, with banks and commodity shares being the foremost risers, there are expectations galore in the market that businesses have possibly overcome the worst part of the economic recession, and are on the threshold of reaping benefits from the global economic revival.

With the improved stock situation in Europe, Britain's FTSE 100 index of leading British shares rose to its highest level for more than a year - it is currently at 5,221.33, marking an increase of
59.46 points, or 1.2 percent; and breaking through its September 2008 barrier of 5,200.

Further noting that the benchmark index has shown a 20 percent increase thus far this year, having gained 55 percent since reaching its lowest ever in early March, Justin Urquhart Stewart, director at Seven Investment Management, said: "There is a bit more enthusiasm in the market, based on the view that corporate figures are going to be more positive."