European shares see biggest rally since Oct, first weekly rise of 2016

viernes 22 de enero de 2016 13:32 GYT

* FTSEurofirst 300 gains, still down 7 pct this month

* Energy, mining shares lead advance as commodity prices rise

* Tod's rises after strong sales (Adds closing prices)

By Alistair Smout and Danilo Masoni

LONDON/MILAN, Jan 22 (Reuters) - Europe's top equity index posted its biggest one-day gain since October and its first weekly rise this year on Friday, buoyed by a rally in energy shares from close to a 12-year low.

The pan-European FTSEurofirst 300 was up 3 percent at 1,332.38 points by the close, putting it up 2.7 percent for the week. It was the first weekly rise of 2016 and the biggest since November.

The last time the index rose 3 percent in one day was on Oct. 5, 2015.

The market has been rocked by a drop in the price of oil to its lowest in more than a decade and concerns about global growth. Many investors said these worries were overdone.

"Markets have gone sharply against us so far this year, but the underlying economic fundamentals continue to support our positive view for 2016," said Alan Higgins, UK Chief investment officer for Coutts.   Continuación...