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Europe stocks rise as investors hold faith in UK 'remain' win
[FRANKFURT] European stocks rose for a fourth day amid a rally in miners and energy producers, while investors maintained faith that the UK will vote to remain in the European Union.
Miners led gains among European stocks, with Anglo American Plc and ArcelorMittal rising at least 1.9 per cent as industrial metals climbed. Tullow Oil Plc led a gauge of oil companies higher as crude advanced.
The Stoxx Europe 600 Index added 0.3 per cent at 8:21 am in London. Shares capped their biggest three-day advance in almost 10 months yesterday after surveys showed the UK campaign to stay in the EU gained ground. While newer polls were spliton the outcome, betting shops are placing the odds for "Remain" at about 80 per cent, according to Oddschecker data. They see only a one-in-four chance of a secession.
The Stoxx 600 began its rebound on Friday as Brexit concern eased amid a suspension in campaigning following the murder of Labour Party lawmaker Jo Cox. The equity gauge has struggled to maintain momentum after rallying 16 per cent from a February low to an April 20 high. It's still down 1.9 per cent in June, on track for its first monthly drop in four.
Among stocks moving on corporate news today, Merlin Properties Socimi SA gained 3.4 per cent after agreeing to a merger with Metrovacesa SA to create the largest Spanish property rental group.