7 Jan 2009

European stocks keep rising

8:55 am on 7 January 2009

European stocks rose on Tuesday for the sixth consecutive session, due to a rise in mining stocks.

The FTSEurofirst 300 index of top European shares ended 1.9% higher at 889.57 points - its highest closing level since 10 November.

The FTSEurofirst 300 has gained 10.7% over the past six sessions.

Data showed on Tuesday that new orders received by US factories sank by 4.6% in November, the fourth consecutive monthly decline.

Pending sales of existing houses in the United States plunged to a seven-year low in November.

In Frankfurt, the DAX index ended at 5,026.31 points, up 42.32 or 0.85%. In Paris, the CAC-40 index closed at 3,396.22 points, up 36.3 or 1.08%.

The Swiss market index closed at 5,799.31 points, up 43.22 or 0.75%.

In Britain, the FTSE 100 ended up 59.28 points, or 1.3%, at 4,638.92, as copper, nickel, aluminium and zinc prices rallied.

Xstrata rose 13.4%, Vedanta Resources was up 11.3%, Rio Tinto jumped 11.1%, Antofagasta climbed 7.9% and Eurasian Natural Resources gained 11.2%.

In Tokyo, the Nikkei average rose gained 37.72 points, 0.42%, to 9,080.84 - its highest finish since 10 November.

Tuesday was the first full day of stock trading in Japan this year.

In Hong Kong, the Hang Seng Index ended 53.80 points lower, 0.35%, at 15,509.51 after opening 0.3% higher.

In Australia, the S&P/ASX 200 index gained 55.7 points to 3,742.7 - its highest close since 14 November.