European shares buoyed by banks and mining stocks

viernes 20 de mayo de 2016 09:36 GYT

* Italian bank UniCredit lifted by asset sale talk

* But Cartier owner Richemont slumps on cautious outlook

* Firmer copper prices boost mining stocks (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). Adds details, updates prices)

By Danilo Masoni

MILAN, May 20 (Reuters) - European shares rose on Friday, led higher by financials and mining companies, which climbed as metal prices gained ground.

The pan-European FTSEurofirst 300 index rose 1 percent to 1,322.93 points, while the euro zone's blue-chip Euro STOXX 50 index advanced 1.1 percent.

Italian bank UniCredit rose 4.4 percent after a source with knowledge of the matter said it was assessing the sale of stakes in FinecoBank, Turkey's Yapi Kredi and Poland's Bank Pekao. So doing could reduce the need for UniCredit to issue new shares to bolster its capital.

"The sale of further stakes in quality units could have an immediate positive effect on capital but would weigh on profitability over the medium and longer terms," ICBPI analyst Luca Comi said in a note.

Mining shares also advanced 1.7 percent as signs China's housing market is improving lent copper prices some support. Anglo American gained 4.8 percent.   Continuación...