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The post-French election relief rally across European stock markets helped Germany’s Dax index hit an all-time high on Monday, while France’s Cac 40 rose to a post-crisis high.

The German index rose more than 2 per cent at the open and has extended its gains as the morning has progressed, hitting a high of 12,398. At publication time it had pulled back only slightly, still up 2.85 per cent at 12392.

Bank stocks were the biggest winners, with Commerzbank and Deutsche Bank topping the index with gains of 9.4 per cent and 7.4 per cent respectively.

Alongside the Europe-wide positivity prompted by the Emmanuel Macron’s success in the first round of France’s presidential vote, investors in Germany received an additional boost from a key survey of business confidence in the country, which rose further than expected to a new six-year high this month.

French stocks also extended their early gains, and by publication time had hit their highest level since 2008.

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