Rallying miners hoist European shares to fresh six-year high

lunes 12 de mayo de 2014 07:28 GYT

* FTSEurofirst 300, Euro STOXX 50 both up 0.5 pct

* Miners gain as JPMorgan upgrades sector to "overweight"

* Investors welcome dovish comments from Nowotny

* Alstom up on German support for Siemens tie-up

By Tricia Wright

LONDON, May 12 (Reuters) - European stocks scaled new six-year highs on Monday, boosted by miners on a bullish note from JPMorgan, while investors also welcomed dovish comments from European Central Bank policymaker Ewald Nowotny.

Miners were the best performers across Europe after JPMorgan upgraded them to "overweight" from "underweight", saying it was shifting funds into the beaten-down mining sector from autos, which have seen strong share price gains.

Rio Tinto and BHP Billiton, which the investment bank viewed as the most attractive stocks in the sector, climbed 4 percent and 2.4 percent respectively, against a 2.3 percent rise for the sector as a whole.

"We believe the risk-reward for miners is improving ... We are taking funds from autos, moving them from OW ('overweight') to N ('neutral'). The sector valuations do not look as attractive any more due to exceptional past performance," JPMorgan said in a note.   Continuación...