Bank stocks lead European share price bounce

viernes 11 de marzo de 2016 13:41 GYT
 

* FTSEurofirst 300 index gains 2.7 percent

* Euro zone banking stocks rise sharply

* Mining, energy stocks track commodities prices (Adds closing prices)

By Atul Prakash

LONDON, March 11 (Reuters) - European shares bounced back on Friday, with the European Central Bank's new cheap funding plan supporting lenders in the euro zone periphery and a recovery in metal and oil prices boosting stocks in commodity companies.

The FTSEurofirst 300 index ended up 2.7 percent at 1,347.47 points, after falling 1.8 percent on Thursday.

The banking stocks index was up 4.9 percent, the top sectoral gainer, after choppy moves on Thursday when the ECB cut rates and said it would start buying corporate debt and even pay banks that lent to companies in an attempt to kickstart growth.

Lenders such as Banco Popular and Bankia of Spain and Italy's UniCredit and Intesa Sanpaolo jumped between 7.5 percent and 12.8 percent.

The broader European stock market fell in the previous session and the euro rose after ECB President Mario Draghi said more interest rate cuts were unlikely, but bank shares outperformed on plans for a new round of cheap funding.   Continuación...