Eurostoxx 50:3,031.18 (+29.99) Frankfurt DAX:7,283.62 (+67.41) Paris CAC:4,090.80 (+43.59)
EUROPEAN SHARES rose yesterday to their highest close since September 2008, with miners gaining as copper hit a fresh record high on supply concerns and after Randgold Resources profit jumped.
The pan-European FTSEurofirst 300 index of top shares closed up 1 per cent at 1,176.81 points. It also rose on Friday after a mixed US non-farm payroll report.
“Moving on from where it left off last week, I think the equity markets are focusing on the growth that is out there and are being supported by strong earnings,” Mike Lenhoff, chief strategist at Brewin Dolphin, said.
Miners extended gains from the previous session as copper and tin hit record highs on supply concerns.
The STOXX Europe 600 Basic Resources rose 2.4 per cent, while Randgold Resources gained 2.6 per cent after the gold producer said it would raise its dividend 18 per cent on the back of 43 per cent higher full-year profit.
Xstrata, due to report today, rose 3.6 per cent.
Top global miners were expected to report a doubling in profit for the December half, thanks to booming iron ore and copper sales.
Technology stocks featured among the best performers, with the STOXX Europe 600 Technology rising 1.7 per cent.
Nokia gained 2.8 per cent as a delayed top of the range model finally started deliveries and hopes grew for a strategy revamp due later this week.
Chip designer ARM Holdings was 3.9 per cent higher after Numis Securities raised its target price by 10 per cent.
Looking at individual stocks, French bank Credit Agricole was up 4.4 per cent after a report on the Les Echos website quoted ahead of one of its parent regional banks saying the lender will not need to raise capital to meet Basel III rules.
SolarWorld surged 6.7 per cent to €8.34 as the German solar-cell manufacturer said full-year earnings before interest and taxes increased to €193 million from €153 million.
Air Berlin advanced 3.8 per cent to €3.58. The airline’s passenger traffic increased 5.7 per cent to 2.15 million in January, the airline said yesterday. – (Reuters/Bloomberg)
