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Mining stocks and oil propel FTSE to fresh five-year high

European stock markets climbed on Friday, with the London FTSE closing at a fresh five-year high, boosted by mining and oil groups and a positive start to trading in the US.

The London index gained 0.84 percent to 6,132.7 points. In Paris the CAC 40 closed 0.88 percent higher at 5,252.38 while in Frankfurt the Dax finished 0.52 percent higher at 6,094.75

The DJ Euro STOXX 50 index of leading eurozone shares rose 0.74 percent to 3,888.46 points.

The euro stood at US$1.2343 in late European trading from US$1.2316 late on Thursday in New York.

US stocks traded mixed as the market mulled strong earnings reports from Google and 3M, offseting a big quarterly loss at Ford Motor Co, with the blue chips extending their six-year highs.

"Google dominates the news this morning," said Dick Green at Briefing.com.

"The company reported better-than-expected earnings and gave an upbeat outlook," he said.

In London, the mining sector gained as investors used Thursday's heavy sell-off as an opportunity to pick up bargains as metal prices recovered from what proved to be a short, albeit pronounced, bout of profit-taking.

And the continued strength of crude oil futures helped Royal Dutch Shell rise ?0.44 to ?20.43, Cairn Energy add ?0.78 to reach ?23.99, and BP take on ?0.115 at ?7.12.

In Paris, shares closed higher in line with other European markets, as investor confidence remained high in the wake of a series of positive first quarter sales reports, dealers said.

"Companies have posted good results, even if that's normal at the top of the economic cycle. Mergers and acquisitions are pulling the market upwards and fund managers have a lot of financial liquidities to invest," said Arnaud Riverain of French asset managers Arkeon Finance.

Telecommunications operator Bouygues made the day's biggest rise on the CAC-40, up 3.01 percent at 42.80 euros.

Elsewhere in Europe, in Amsterdam the AEX index edged up 1.13 percent to 478.00, the Swiss SMI was up by 0.45 percent at 8,093.47, in Milan the SP/MIB rose 0.38 percent to 38,495, in Madrid the IBEX-35 rose 1.11 percent to 11,913.80, and in Brussels the BEL-20 closed up 0.67 percent at 3,901.69.
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