European shares hit two-week high, miners boost

miércoles 9 de septiembre de 2015 12:48 GYT
 

* Pan-European FTSEurofirst 300 index ends 1.4 pct higher

* Mining companies top sectoral riser as metals rally

* Ryanair surges after raising full-year profit forecast

* GSK falls after drug disappoints in trials

By Atul Prakash

LONDON, Sept 9 (Reuters) - European shares climbed for a third session to a two-week high on Wednesday, with miners tracking a rally in metals prices on expectations that the world's top consumer, China, would take further steps to boost its economy.

The market was also helped by a nearly 5 percent jump in Ryanair after the airline hiked its annual profit forecast by 25 percent on strong summer fare growth. The European travel and leisure index rose 1.8 percent.

The STOXX Europe 600 Basic Resources index surged about 3 percent, boosted by a rally of between 2.9 percent and 5.5 percent in shares of Anglo American, Rio Tinto , BHP Billiton and Glencore.

"We have seen exaggerated moves in commodity prices during the recent sell-off and a bounce in metals prices has prompted investors to rush back to grab miners. People are now seeing value in beaten-down miners," said Koen De Leus, senior economist at KBC in Brussels.   Continuación...