Europe: Shares extend ECB-led rally

[LONDON] European shares climbed higher on Friday, extending a rally from the previous session, as investors speculated on further monetary support in future from the European Central Bank (ECB).

The pan-European FTSEurofirst 300 index rose 0.7 per cent, building on a 2.1 per cent gain in the previous session, while the euro zone's blue-chip Euro STOXX 50 index advanced by 0.9 per cent.

Shares in Norwegian insurer Gjensidige surged 11.2 per cent after the company reported third-quarter profits ahead of market expectations.

Home appliances maker Electrolux also gained 3.8 per cent after the company reported third quarter earnings that beat market expectations.

However, Ericsson fell 4.3 per cent after it posted third-quarter revenue and profits below market expectations.

REUTERS