European shares gain ground
Tuesday, 12 August 2008
LONDON, Aug 11 (AFP): Europe's major stock markets rose slightly Monday, with London lifted by gains to energy and mining majors, and after share prices had rallied in Tokyo and before the weekend on Wall Street.
Markets were also monitoring escalating violence between Georgia and Russia, which helped to push the euro down to a five-month low point and oil prices upwards towards 117 dollars a barrel, traders said.
Georgia does not produce oil but the country is a key transit point for crude and gas exports from Azerbaijan to markets in Western Europe.
In late morning trading, the FTSE 100 index of top companies stood at 5,522.00 points, a gain of 0.81 per cent.
Frankfurt's DAX 30 rose 0.27 per cent to 6,579.51 points and the Paris CAC 40 climbed by 0.38 per cent to stand at 4,508.81 nearing the half-way mark.
The Euro Stoxx 50 index of leading eurozone shares advanced 0.60 per cent to 3,428.98 points.
In Moscow, Russia's main stock market index was steadier Monday after plunging last Friday.
The main market index, the RTS, slipped by 0.20 per cent to 1,719.35 points. On Friday it had plunged by 6.5 per cent to the lowest level since May, 2007 as Russian energy heavyweights saw their share prices plunge.
In foreign exchange trading Monday, the European single currency recovered to 1.5065 dollars after hitting 1.4907 in Asian trade, which was the lowest point since late February.
In London stock market trade, energy groups and miners led the way as they benefited from rebounding oil and metal prices, dealers said.
British oil giant BP won 1.35 per cent to 526.50 pence and Anglo-Australian miner BHP Billiton gained 2.05 per cent to 1,542 pence.
Japanese share prices had closed up 1.99 per cent Monday, supported by gains on Wall Street, a fresh fall in the cost of crude oil and a weaker yen, which is good for exporters, dealers said.
US stocks ended in a rally last Friday, with the Dow Jones Industrial Average rocketing 2.65 per cent as world oil prices dived, soothing fears that fresh inflationary pressures could singe an already ailing economy.
Markets were also monitoring escalating violence between Georgia and Russia, which helped to push the euro down to a five-month low point and oil prices upwards towards 117 dollars a barrel, traders said.
Georgia does not produce oil but the country is a key transit point for crude and gas exports from Azerbaijan to markets in Western Europe.
In late morning trading, the FTSE 100 index of top companies stood at 5,522.00 points, a gain of 0.81 per cent.
Frankfurt's DAX 30 rose 0.27 per cent to 6,579.51 points and the Paris CAC 40 climbed by 0.38 per cent to stand at 4,508.81 nearing the half-way mark.
The Euro Stoxx 50 index of leading eurozone shares advanced 0.60 per cent to 3,428.98 points.
In Moscow, Russia's main stock market index was steadier Monday after plunging last Friday.
The main market index, the RTS, slipped by 0.20 per cent to 1,719.35 points. On Friday it had plunged by 6.5 per cent to the lowest level since May, 2007 as Russian energy heavyweights saw their share prices plunge.
In foreign exchange trading Monday, the European single currency recovered to 1.5065 dollars after hitting 1.4907 in Asian trade, which was the lowest point since late February.
In London stock market trade, energy groups and miners led the way as they benefited from rebounding oil and metal prices, dealers said.
British oil giant BP won 1.35 per cent to 526.50 pence and Anglo-Australian miner BHP Billiton gained 2.05 per cent to 1,542 pence.
Japanese share prices had closed up 1.99 per cent Monday, supported by gains on Wall Street, a fresh fall in the cost of crude oil and a weaker yen, which is good for exporters, dealers said.
US stocks ended in a rally last Friday, with the Dow Jones Industrial Average rocketing 2.65 per cent as world oil prices dived, soothing fears that fresh inflationary pressures could singe an already ailing economy.