August 23, 2016 / 7:36 AM / 2 years ago

European shares gain, UK homebuilders rally for second day

LONDON, Aug 23 (Reuters) - European shares advanced on Tuesday, with builder Persimmon leading the market higher following a solid update and miners recovering after sharp declines in the previous session.

Persimmon rose 4 percent after Britain’s second largest housebuilder said its reservation rate had risen an annual 17 percent since the start of July, shrugging off the impact of the Brexit vote, which some fellow builders have warned could slow the property market.

UniCredit also rose nearly 4 percent after sources told Reuters that the chief executive of Poland’s biggest insurer PZU was flying to Milan this week for talks with UniCredit on buying its Polish unit and Poland’s second-largest bank, Bank Pekao SA.

Among sector gainers, the European basic resources index rose 1.9 percent following a recovery in copper prices after a slump in the previous session. BHP Billiton, Glencore and Anglo American rose 1.8 to 2.4 percent.

The pan-European STOXX 600 index was up 0.5 percent by 0718 GMT (Reporting by Atul Prakash)

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