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Europe shares up 3 pct as oils and miners gain
Tue, 28th Oct 2008 11:45
LONDON, Oct 28 (Reuters) - European shares extended gains by late morning on Tuesday, breaking a five-day losing streak, helped by sharp gains in heavyweight oil group BP after quarterly profits jumped, and mining shares advancing.
At 1123 GMT, the FTSEurofirst 300 index of leading European shares was up 3.4 percent at 843.49 points, near the high for the day. The index has lost 21.6 percent so far this month, hurt by a credit crisis and recession worries.
BP rose 7.7 percent after it reported a 148 percent rise in third-quarter replacement cost profit, at $10.03 billion, boosted by higher oil prices.
Total, ENI and Royal Dutch Shell were up between 3.6 and 6.9 percent.
BG Group was up 6.3 percent after launching a A$5.6 billion ($3.4 billion) friendly takeover bid for Australia's Queensland Gas Co Ltd as it tries to secure gas to boost its position in Asia's lucrative liquefied natural gas market.
Most miners were higher as metals prices in London
and Shanghai recovered after early falls, bouncing off lows on the back of losses by the dollar ahead of a U.S. central bank meeting later in the day.
BHP Billiton,Rio Tinto, and Xstrata were up between 5.2 and 6.7 percent.
Volkswagen was up 29 percent, following its 146 percent surge on Monday. Short sellers piled into the stock to sew up their speculative positions after Porsche bought up nearly all VW's remaining free float.
(Reporting by Brian Gorman) Keywords: MAREKETS EUROPE STOCKS/RISE
tf.TFN-Europe_newsdesk@thomson.com
vjt
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
At 1123 GMT, the FTSEurofirst 300 index of leading European shares was up 3.4 percent at 843.49 points, near the high for the day. The index has lost 21.6 percent so far this month, hurt by a credit crisis and recession worries.
BP rose 7.7 percent after it reported a 148 percent rise in third-quarter replacement cost profit, at $10.03 billion, boosted by higher oil prices.
Total, ENI and Royal Dutch Shell were up between 3.6 and 6.9 percent.
BG Group was up 6.3 percent after launching a A$5.6 billion ($3.4 billion) friendly takeover bid for Australia's Queensland Gas Co Ltd as it tries to secure gas to boost its position in Asia's lucrative liquefied natural gas market.
Most miners were higher as metals prices in London
BHP Billiton,Rio Tinto, and Xstrata were up between 5.2 and 6.7 percent.
Volkswagen was up 29 percent, following its 146 percent surge on Monday. Short sellers piled into the stock to sew up their speculative positions after Porsche bought up nearly all VW's remaining free float.
(Reporting by Brian Gorman) Keywords: MAREKETS EUROPE STOCKS/RISE
tf.TFN-Europe_newsdesk@thomson.com
vjt
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
