Sun, Nov 25, 2007 - Page 10 News List

Stock markets in Europe rally at end of turbulent week

LOOKING UP The French banking sector was boosted by an encouraging report from Moody's ratings agency on the sector's outlook

AFP , LONDON

Europe's main stock markets closed higher on Friday at the end of a turbulent week which saw global equities rocked by fears over a US economic slowdown.

In London the FTSE 100 index closed up 1.74 percent at 6,262.10 points, in Paris the CAC 40 gained 1.94 percent to end the day at 5,521.17 points and in Frankfurt the Dax closed 0.62 percent higher at 7,608.96.

The DJ Euro Stoxx 50 index of top eurozone shares rose 1.42 percent to 4,268.53 points.

The European single currency stood at US$1.4831, after earlier striking a record high point of US$1.4967.

mining focus

In London, the mining sector was in focus, with Vedanta Resources storming ahead as bid rumors swirled around the group. Vedanta's share price topped the FTSE leaders board, leaping 7.16 percent to 2,036 pence.

Antofagasta shares were jolted 7.12 percent higher to 684.50 pence and Anglo American surged 6.09 percent to 2,980 pence.

In Frankfurt, Deutsche Postbank added 4.14 percent to 58.86 euros after Merrill Lynch added the bank's shares to its "most preferred banking list."

And in Paris, the French banking sector was boosted by an encouraging report from Moody's ratings agency on the outlook for the sector.

risers

BNP Paribas led the risers, adding 5.08 percent to stand at 69.87 euros, while Societe Generale gained 4.10 percent in value to 97.75 euros.

In the airline sector, flagship carriers extended Thursday's gains, which were sparked by a strong second-quarter earnings report from Air France.

Air France shares soared 2.91 percent to stand at 25.45 euros on Friday.

Elsewhere in Europe on Friday, in Madrid the Ibex 35 closed up 0.49 percent to 15,392.2 points, in Milan the SP/Mib gained 1.73 percent to 38,012 points and in Brussels the Bel 20 added 2.26 percent to 4,011.95 points.

The Dutch AEX index gained 1.55 percent to 492.47 points, while the Swiss SMI was up 1.76 percent to 8,371.83 points.

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