European stocks higher

Published February 20, 2007

LONDON, Feb 19: Europe's main stock markets higher on Monday, with London's FTSE 100 climbing to the highest level since late 2000 on takeover speculation in the mining sector, dealers said.

The FTSE 100 index of leading shares rose 0.42 per cent to 6,446.70 points in morning trading. It hit an intra-day peak of 6,447.20 -- the highest level since November, 2000.

In Frankfurt early on Monday, the DAX 30 index climbed 0.54 per cent to 6,994.92 points.

In Paris the CAC 40 jumped 0.78 per cent to 5,757.98 points.

The three exchanges had closed lower on Friday, dragged down by sliding oil prices and weak US housing market data.

Elsewhere on Monday, the DJ Euro Stoxx 50 index of eurozone blue chip shares advanced 0.60 per cent to 4,272.88 points.

The euro stood at 1.3136 dollars. US stock trading was shut on Monday owing to a public holiday in the United States. Japanese share prices meanwhile notched up a new near seven-year high Monday as market sentiment remained upbeat despite jitters over a possible interest rate rise, dealers said.

In London, the FTSE was lifted by strong gains to mining shares.

Anglo American jumped 2.05 per cent to 2,590.00 pence, helped by a report in the Sunday Times that Russia's Polyus Gold has made an approach to buy the miner's 2.25 billion-pound (3.34 billion-euro, 4.39 billion-dollar) stake in Anglo Gold Ashanti.

Monday's Financial Times meanwhile reported that Anglo American was expected to accompany Wednesday's interim results with news of a share buyback plan that would return up to 4.0 billion pounds.

Firm commodity prices also lifted the sector, with copper miner Kazakhmys up 2.46 per cent to 1,126 pence.—AFP

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