November 24, 2007	Saturday	Ziqa’ad 13, 1428

LONDON, Nov 23: Europe’s main stock markets headed higher on Friday at the end of a turbulent week which saw global equities rocked by fears over a US economic slowdown.

London’s FTSE 100 index of leading companies jumped 0.88 per cent to 6,209.20 points in morning trade, Frankfurt DAX 30 added 0.27 per cent to 7,582.97 points and in Paris the CAC 40 gained 0.72 per cent to 5,455.36.

The DJ Euro Stoxx 50 index of top eurozone shares rose 0.67 per cent to 4,237.23 points.

Despite the gains, all three main European markets remain in negative territory for the week.

The European single currency stood at $1.4791, after earlier striking a record high point of $1.4967.

US markets are also expected to be very quiet as many traders opt for a four-day holiday weekend, following Thursday’s shutdown for Thanksgiving.

In London, the mining sector was in focus, with Vedanta Resources storming ahead as bid rumours swirled around the group. Vedanta’s share price topped the FTSE leaders board, leaping 4.89 per cent to 1,993 pence.

Antofagasta shares were jolted 4.77 per cent higher to 669.5 pence and Anglo American surged 4.59 per cent to 2,938 pence.

In Frankfurt, Deutsche Postbank added 3.43 per cent to 58.46 euros after Merrill Lynch added the bank’s shares to its ‘most preferred banking list.’

And in Paris, the French banking sector was bolsted by an encouraging report from Moody’s ratings agency on the outlook for the sector.

BNP Paribas led the risers, adding 3.02 per cent to stand at 70.52 euros, while Societe Generale gained 2.35 per cent in value to 96.11 euros.

In the airline sector, flagship carriers extended Thursday’s gains, which were sparked by a strong second-quarter earnings report from Air France.

Air France shares soared 1.70 per cent to stand at 25.15 euros on Friday.

The Fed cut its 2008 US economic growth projection to 1.8 to 2.5 per cent from 2.5 to 2.75 per cent in the wake of the subprime crisis.---AFP