LONDON, Dec 27: Europe’s main stock markets rose on Thursday in light trade after the Christmas break and following slender overnight gains on Wall Street, dealers said.
However, activity was subdued because many investors were away for an extended Christmas and year-end holiday, analysts said.
In late morning deals, London’s FTSE 100 index of leading shares added 0.23 per cent to 6,494.40 points, the Paris CAC 40 won 0.47 per cent to reach 5,640.57 and Frankfurt’s Dax index gained 0.73 per cent to 8,061.05 points.
This week, the British, French and German markets were closed on Tuesday and Wednesday for Christmas, while Frankfurt was also shut on Monday.
In the foreign exchange market on Thursday, the European single currency stood at $1.4496.
US stock markets posted generally slim gains on Wednesday as a weekly survey showed retail sales were sluggish ahead of the Christmas Day holiday, when big stores hope to book their fattest profits of the year.
Investors also kept a keen eye on oil prices, which have breached 96 dollars per barrel on renewed geopolitical tensions between Turkey and crude producer Iraq.
High oil prices bite into company profits and raise concerns that increased costs may crimp economic growth. But traditionally the energy sector is boosted.
Anglo-Australian mining giant Rio Tinto on Thursday reiterated its opposition to a takeover proposal from BHP Billiton in a letter to shareholders outlining latest developments in the bid.
In London, Rio Tinto shares leapt 1.64 per cent to 5,463 pence, while BHP Billiton stock added 0.19 per cent to 1,581 pence. Vedanta gained 1.91 per cent to 2,130 pence and Xstrata increased 0.97 per cent to 3,638 pence.
In Paris, Axa shares soared 2.45 per cent to 27.61 euros, buoyed by positive sentiment on the French insurer’s acquisition of a stake in Russian peer Reso Garantia.
In New York on Wednesday, the Dow Jones Industrial Average closed up a scant 0.02 per cent at 13,551.69 points. US markets were shut on Tuesday for Christmas.
The tech-laden Nasdaq composite rose 0.40 per cent to 2,724.41 while the Standard & Poor’s 500 index advanced 0.08 per cent to a close of 1,497.66 points.—AFP
