November 23, 2016 / 8:32 AM / 2 years ago

Metals, mining stocks help European indices to 3rd straight day of gains

LONDON, Nov 23 (Reuters) - European shares rose for a third straight day on Wednesday, with basic resources companies underpinning the market again following a rise in metals prices.

The pan-European STOXX 600 index was up 0.2 percent, with Britain’s commodity-heavy FTSE 100 index increasing 0.7 percent.

The European basic resources index rose 1.4 percent to its highest level sine mid-2015 after base and precious metals prices advanced. Shares in BHP Billiton, Fresnillo, Randgold Resources and Rio Tinto were 1.7 to 3.4 percent higher.

Italian banks were on the backfoot, however, with Banco Popolare and B P Milano both down nearly 4 percent. Unicredit fell 2.5 percent.

Investors’ focus will be on Britain’s Autumn Statement, due at 1230 GMT. Sectors such as housing, utilities, energy and airlines could react in the event of any sector-specific announcements by Finance Minister Philip Hammond. (Reporting by Atul Prakash, Editing by Vikram Subhedar)

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