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Europe: Shares hit 2-week high

Thursday, November 10, 2016 - 16:43

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[LONDON] European equities advanced for a fourth straight session to a two-week high on Thursday, led higher by miners and banks, with encouraging results from companies such as Vivendi supporting the broader market.

The pan-European STOXX 600 was up 1.3 per cent in early dealings after setting its highest level in more than two weeks. It closed 1.5 per cent higher in the previous session, before slumping 2.4 per cent earlier that day after a shock victory of Donald Trump in the US presidential election.

Investors were focusing on Mr Trump's key policy priorities including generous tax cuts and higher infrastructure and defence spending, along with deregulation for banks, analysts said.

Aegon NV rose nearly 9 per cent after reporting better-than-expected earnings, while French media giant Vivendi rose 6.4 per cent after reporting a third-quarter core operating profit above forecasts following a strong performance of its music unit.

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Among sector leaders, European mining index gained 3.2 percent, tracking strong metals prices. Shares in Antofagasta, Glencore and Rio Tinto advanced 3.7 and 5.8 per cent.

European banking stocks also rose 3 per cent, helped by a 5.7 to 6.8 per cent rise in Credit Suisse, UBS and Banco Popolare.

REUTERS

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