• European stock rose

Market news

28 November 2013

European stock rose

European stocks rose, extending a third consecutive monthly advance, as mining companies and banks led gains. U.S. index futures and Asian shares also increased.

The Stoxx Europe 600 Index advanced 0.4 percent to 325.26 at 10:47 a.m. in London. Standard & Poor’s 500 Index futures rose 0.3 percent after the equity gauge closed at a record yesterday.  The Stoxx 600 has added 0.9 percent in November, heading for the ninth monthly advance of the year.

A European Commission report showed a gauge of economic confidence climbed for a seventh month to 98.5, exceeding the median economist forecast of 98. A separate report today confirmed that consumer confidence in the 17-nation euro area declined in November.

Rio, the world’s second-biggest miner, added 2.9 percent to 3,229.5 pence after saying it will cost less than estimated to increase iron-ore output capacity to 360 million metric tons. Annual production capacity will rise by more than 60 million tons between 2014 and 2017 from 290 million tons by the end of June, London-based Rio said in a statement.

Boliden, a Swedish copper and zinc producer, rose 3.1 percent to 93.45 kronor. Morgan Stanley raised its rating on the shares to overweight, similar to a buy recommendation, from equalweight, estimating that mining growth and increasing prices for copper refining will drive the shares higher.

Rio and Boliden’s jumps helped send the Stoxx 600 Basic Resource Index up 1.5 percent today for the biggest gain among 19 industry groups.

Thomas Cook surged 13 percent to 173.8 pence. Earnings before interest and taxes rose to 263 million pounds ($429 million) in the year ended Sept. 30 from last year’s 177 million pounds, according to a statement today.

FTSE 100 6,654.93 +5.46 +0.08%

CAC 40 4,303.18 +10.12 +0.24%

DAX 9,351.13 +61.06 +0.66%

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