Saturday 24 February 2018

Rally in miners help European shares to extend gains

Glencore mining
Glencore mining

European equities extended the previous session's strong rally on Friday, tracking gains on Wall Street and in Asia, with stronger metals prices and some encouraging company updates supporting the market.

The pan-European FTSEurofirst 300 index was up 1.3pc in early trading after closing 2pc higher in the previous session. The index headed for its second positive week in a row.

Miners topped the leaderboard, with the STOXX Europe 600 Basic Resources index gaining 2.4 following sharp gains in the prices of key industrial metals such as copper and aluminium.

The market was also helped by company updates, with Spain's Amadeus gaining 6.3pc, the top riser in the FTSEurofirst 300 index, after saying it was targeting a dividend pay out of 50pc of reported profits in 2016.

However, state-backed Royal Bank of Scotland (RBS) slumped 7.8pc after reporting its eighth straight full-year loss of 1.97 billion pounds ($2.75 billion), as it continued to be weighed down by restructuring and litigation costs.


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